Mubasher: Barclays on Wednesday reportedly proceeded to discuss merger deals with rival banks, including Standard Chartered.

Two directors from Barclays and Standard Chartered have met to explore the possible benefits of combining the two London-based lenders, the Financial Times (FT) reported, adding that no official or unofficial offer has been made yet.

Barclays’ chairman John McFarlane was in favour of a deal with Standard Chartered as well as the international division head Sir Gerry Grimstone, according to the FT.

The news came at the time when Barclays is seeking to improve its financial performance, amid pressures from activist investment fund Sherborne, which owns a 5.4% stake in the bank.

However, Reuters reported that Barclays is not working on any deal with its rivals, citing two unnamed sources affiliated to the bank who labelled the merger discussion as a rumour.

Meanwhile, Standard Chartered is entirely dedicated to executing its strategy, a spokesman for the bank said, declining to “comment on this type of speculation.”