China Development Bank to review Barclays tie-up

CHINA Development Bank (CDB), a former policy lender that has become a commercial bank, yesterday said it will review its strategic tie-up with Barclays, including its equity stake in the British bank.

“We are now reviewing our ties with Barclays,” China Development Bank president Jiang Chaoliang said on the sidelines of the Chinese People’s Political Consultative Conference in Beijing.

“A review report will be submitted to board members for consideration,” he said, adding CDB’s board would meet in June to discuss both the bank’s equity investment in Barclays as well as their strategic cooperation.

China Development Bank currently holds a 2.07 per cent stake in Barclays.

Last month Barclays posted a 92 per cent surge in full-year profits to £11.6bn, thanks to investment banking division Barclays Capital and the sale of its asset management arm.