Barclays is set to buy the Purepoint Financial.
The bank said the deal will help bolster its financial operations and bolster the bank’s presence in the energy and financial services markets.
“We are excited to acquire Purepoint’s high-performing assets to strengthen our position in these markets and help us further our growth strategy,” said Barclays Chairman and Chief Executive officer Brian Williamson in a statement.
It is unclear what Purepoint will use the Purepoints new assets for, though Barclays has said it wants to invest in a diversified portfolio of companies.
Shares of Purepoint fell 2.3 percent to $19.82 in morning trading.
The bank has also been aggressively looking to expand its banking business and its investments in the oil, gas and energy sectors.
While Barclays has historically invested heavily in the health and pharmaceutical sectors, Williamson said in the statement that the bank will “focus on growth and transformation.”
It was not clear how much Purepoint would contribute to the bank.