Barclays considers selling off unit

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The bank added that it was in discussion with the Treasury over whether to participate in the Government's scheme to insure "toxic" assets.

Barclays said it had approached "a number of potentially interested parties" about its iShares business, which is part of its Barclays Global Investors (BGI) division.

Barclays shares rose more than 12% as it said it had had "a strong start to 2009" and its businesses continued to perform well.

The bank has not used the Government's recapitalisation scheme - raising funds from the Middle East instead.

It has continued to be profitable and last month reported £6.08 billion in profits for 2008.

Barclays is considering joining the asset protection programme, but said the decision "whether and to what extent to participate in the scheme will be based on the economic merits to shareholders of any such participation".

It is understood the sale of the iShares business is being mooted as a way to raise funds in order to join the scheme, which sees banks pay a fee to insure their riskier assets against further losses.

A spokesman for the bank declined to comment on the amount of money sought for the division.

In a statement, the bank said: "Barclays notes press comment regarding the potential disposal of iShares and confirms that it has held discussions with a number of potentially interested parties as part of its practice of regularly reviewing the group's portfolio of businesses. No decision regarding the disposal of any business has been taken by the board of Barclays."