Sources told Reuters that Barclays was looking into selling its index business. The news followed an approach to acquire the business by equity index provider MSCI, the sources added. The UK bank was reportedly thinking about the decision to exit from its Barclays Indices platform, which includes the Barclays US Aggregate Bond Index. The Barclays US Aggregate Bond Index is a benchmark gauge that tracks USD16.7 trillion or EUR10.4 trillion worth of assets. Reuters said in its report that the amount Barclays could fetch from the sale of its index business was up for debate.

The news agency said about USD2.3 trillion ot EUR1.4 trillion worth of exchange-traded funds (ETFs) and mutual funds utilize Barclays indices, making the UK bank as the second biggest provider after ratings agency Standard & Poor's. Industry experts believed, however, that Barclays would be able to fetch a premium offer of its index business in consideration of the rising popularity of managing mutual funds, ETFs and fixed-income securities passively.

An anonymous executive at an index funds and ETFs provider said, "MSCI would be a natural buyer for that business since they need more fixed income."

The reported sale of Barclays' index business also came in the middle of accusations of tax fraud by development charity ActionAid. The entity claimed that Barclays was promoting the tax benefits of the offshore sector in Mauritius.

ActionAid tax justice adviser Quantrill said today in a statement, "If people want to put their money offshore, they'll find a way to do it, but Barclays should stop promoting this. It is inappropriate for a bank looking to be a force for good, and aiming to expand its operations in Africa, to do this."

Barclays responded to ActionAid's claims and said, "While we appreciate ActionAid's concern in this matter, we do not believe that their interpretation of some of the facts is correct."