Activist investor still pushing for Barclays overhaul

London

ACTIVIST investor Edward Bramson, who lost his battle for a seat on the board of Barclays in May, is still pushing to overhaul the British lender, a report from his investment vehicle Sherborne Investors showed.

Mr Bramson failed in his bid for a seat after shareholders voted against his attempt to downsize Barclays' under-fire investment bank from with-in. But in a half-year report published on Tuesday, investment vehicle Sherborne Investors C said it had advised the Barclays board that pursuing its strategy could boost the bank's "financial strength and long-term competitive position" and increase shareholder value.

"The investment manager's present intention is to continue its dialogue with Barclays for as long as it appears to be appropriate to do so," it said.

Sherborne Investors C owned 5.48 per cent of Barclays as of May 10, the report said. The stake is worth around £1.3 billion (S$2.18 billion). REUTERS