A downturn during 2009 at Barclays Asset &
Sales Finance has had a major knock-on effect on its parent’s
commercial division.
A 10 percent fall in total assets in the
bank’s commercial arm has been driven “by reduced overdraft
borrowings and lower volumes in Barclays Asset and Sales Finance
business”.
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The announcement, reported last month in
Barclays financial statement for year end 2009, also stated that
“the number of customers [of the corporate arm] fell 6 percent
primarily as a result of reductions in exposures to high risk
sectors within Barclays Asset and Sales Finance”.
A Barclays spokesperson commented that
Barclays Asset Finance had “experienced a fall in both customer
numbers and volumes in 2009”.
He linked this fall to “reduced customer
demand during the deteriorating economic conditions” and that the
“fall in Barclays Asset Finance numbers is broadly consistent with
that experienced right across the UK Asset Finance Market in
2009”.
He added: “During recessions, many businesses
choose to conserve cash and cut back on business investment.”
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By GlobalDataTotal assets at Barclays Commercial Bank
dropped by £8.5 billion to £75.5 billion. A fall in the division’s
pre-tax profits of 41 percent to £749 million was driven “by
significantly higher impairment”.
Ana Gyorkos
