Pressure on Barclays to find a buyer for parts of its BZW investment banking arm grew yesterday as Germany's Commerzbank ruled itself out of the running.
Commerzbank's move also increased speculation that Credit Suisse First Boston (CSFB) would make a bid, but the Swiss-owned investment bank has declined to comment.
Only French bank Paribas has officially expressed an interest in buying BZW's equity and corporate advisory businesses and bankers warn that, without a swift sale, staff, clients and credibility would be lost.
While a host of both European and US firms have been floated as possible buyers for the BZW businesses deemed surplus to requirements by Barclays' chief executive, Mr Martin Taylor last Friday, a few front-runners have emerged, including CSFB, Paribas and JP Morgan. - (Reuter)
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