A division of Barclays which pays pensions to more than 70,000 policyholders a month is to be sold in a deal worth £753m (€950m), it was announced today.

A division of Barclays which pays pensions to more than 70,000 policyholders a month was today said to be the subject of takeover interest.

British banking group Barclays is planning to raise £400m (€564m) by securitising billions of pounds worth of assets from its life operations.

Barclays bank in Britain is to close its life insurance division with the loss of 750 jobs as a result of a new partnership with Legal & General.