Apr 16, 2018
Barclays creates venture capital-style unit
Barclays has set up a new venture capital-style unit with the aim of adding billions of pounds to its annual revenues by 2025, in an effort to find new areas of growth after years of restructuring. Barclays UK Ventures will be led by Ben Davey, formerly the bank's head of strategy. Barclays did not give details of the amount of money it was prepared to dedicate to the new unit, but Mr Davey said he was "Very comfortable" with the amount of capital that has been earmarked for projects. Mr Davey said Barclays has reached a point in time where it can focus on returning to growth after largely completing tasks such as building its capital base and dealing with legacy litigation issues. Ashok Vaswani, Barclays UK chief executive, said: "We are a growth business and Ben's appointment will put real weight behind this new unit to provide new lines of revenue growth in addition to the organic growth of our core business."
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