LONDON (Reuters) - Britain’s Barclays Plc is dropping the name “Capital” from its investment bank division as part of a plan to align all of the bank under one brand.
The bank said Barclays Capital, private banking arm Barclays Wealth and business banking division Barclays Corporate will all now be known as simply Barclays.
During 15 years as Barclays Capital -- or BarCap as it is widely known -- the business has been built into one of the world’s biggest and best known investment banks.
Barclays CEO Bob Diamond wants to more closely align the bank and the move is part of a plan to show that integration, such as bringing Barclays Corporate and Barclays Capital closer together. The latest change took place on Monday, and will affect branding, emails, all client-facing documents and other literature and advertising.
“We believe that we better serve our clients by bringing them the best of Barclays, from across the entire organisation. We can do that more easily, and more efficiently, by bringing our divisions together under one brand,” a spokeswoman for the bank said.
Diamond was head of BarCap for more than a decade before taking over as group CEO at the start of 2011. The investment bank had previously been known as BZW, and changed its name to Barclays Capital when it focused on debt markets following the sale of its equities and advisory units in 1997.
Barclays’ roots date back more than 320 years, and the name’s origins can be traced back to James Barclay, who was the son-in-law of founding banker John Freame and became a partner in 1736. The name Barclay & Co. was adopted in 1896 when 20 banks joined together.
Barclays ranked as the seventh most valuable global bank brand in 2011, up from 10th in 2010 and the third most valuable brand in Europe, according to Brand Finance. It estimated the Barclays brand was worth $17 billion.
Reporting by Steve Slater; Editing by Helen Massy-Beresford