With the Woolwich
THE customers that Barclays seems to want are with the Woolwich. Word of a deal had got into the market and forced Barclays to declare its ardour. It wants to offer £5 '/2 billion for the Woolwich, whose directors would need to agree. The previous government's fatuous legislation gave banks which had been building societies protected status. I cannot think that the Woolwich needs much protection. It has happily taken to the world of internet banking, and in mortgage lending it remains a household name. I imagine that Barclays would put its mortgage business through the Woolwich and under its brand, following the successful example set by Lloyds when it bought the Cheltenham & Gloucester. The Woolwich's assets include Sir Brian Jenkins, its chairman, sometime senior partner of the accountants now relaunched as P'oopers and an authori- tative Lord Mayor of London. He would lend Barclays' board some much-needed bal- last, even if £5 '12 billion is quite a transfer fee.
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