Former Barclays chief executive Antony Jenkins ‎eyes stock market return

2 February 2018, 17:56

Antony Jenkins, the former chief executive of Barclays, is lining up a return to the stock market at the helm of Currencies Direct, the foreign exchange and international payments group.

Sky News has learnt that the owners of Currencies Direct have opened talks with bankers about a potential listing of the company later this year.

The plans are at an early stage, with no fixed timetable as yet, City sources said on Friday.

If they pursue the idea of an initial public offering, Corsair Capital and Palamon Capital Partners will engineer Mr Jenkins' stock market comeback three years after he was ousted by Barclays.

Mr Jenkins has since rebuilt his career, establishing a financial technology platform called 10x, which is building a new digital bank for Virgin Money.

He joined Currencies Direct in 2016, and has been a vocal advocate of the technological changes sweeping through the global banking industry.

The valuation that Currencies Direct's shareholders would seek from a flotation is unclear, but it would be at a multiple of the roughly £200m price tag for which the company changed hands three years ago.

The payments and foreign exchanges sectors are also being transformed through the development of faster technology, with businesses such as Transferwise rapidly attaining 'unicorn' status - meaning they are worth at least $1bn.

City sources said that Currencies Direct was likely to seek a London listing, although its shareholders could also opt to pursue a private sale.

In addition to 10x, Mr Jenkins has also chaired Business in the Community and sits on the digital advisory council of Fannie Mae, the US mortgage financing giant.

Last autumn, he sold a stake in 10x to outside institutions including Ping An, the Chinese insurer.

Mr Jenkins has predicted that the number of branches and people employed in the financial services sector will fall by as much as half over the next decade.

‎Currencies Direct and Corsair both declined to comment.