Barclays Asset and Sales Finance
(BA&SF) has closed broker-introduced asset finance to new
business, but assured Leasing Life it is still open to direct
business.
BA&SF, part of Barclays
Commercial, said that the measure was only taken temporarily, but
had no forecasts on how long the ban will remain in place.
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A spokesman for BA&SF said that at
least for the moment the unit would focus its efforts on its direct
market, where it was still “very much receiving business”.
He added that doors were still open to
asset finance new business, despite mounting speculation that it
could soon be forced to further reduce the size of its
activities.
“The direct business will focus both
on existing customers within the group, and new customers who
approach BA&SF directly,” he said.
Despite these assurances, BA&SF’s
parent company, Barclays, the UK’s second-largest bank, is facing
challenging conditions within the current economic climate.
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By GlobalDataIts shares fell to a 14-year low in
November.
In October, the bank agreed to take
investments from a trio of investors from the Middle East rather
than take part in the government’s recapitalisation plan, aimed at
helping embattled financial institutions.
