Banks Rent Rivals' Balance Sheets to Skirt Capital Rules [BNN Bloomberg (Canada)]
Blackstone Inc. (BX)
Last blackstone inc. earnings: 4/23 06:56 am
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Source: BNN Bloomberg
The British lender came up with a solution in February, by selling $1.1 billion of card assets to private equity firm Blackstone Inc. The transaction, part of an ongoing financing arrangement, allows Barclays to collect fees for servicing the loans, but not have to hold them on its books. In return, Blackstone gets to generate high yields for insurance clients. In essence, Barclays is renting Blackstone's balance sheet. “Banks value the customers and the origination fees. We just want the assets,” Blackstone Credit & Insurance Global Chief Investment Officer Michael Zawadzki said in an interview. The Barclays-Blackstone deal got little attention at the time but may have marked a new chapter in the evolution of the lending industry since the global financial crisis. As capital rules have gotten tougher, banks have had to exit certain businesses or else cede market share to non-bank rivals. Now, they are partnering with those rivals in ways that benefit both parties — even if it
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