Barclays has constructed an elaborate schmuck-insurance policy as part of its plan to possibly hive off its payments business. On Thursday, the 40-billion-pound UK bank announced a deal that could give Brookfield Asset Management 10% of the division in return for the private-capital group's help in growing the unit,

LONDON (Reuters) - Barclays has sold part of its British payments business to Brookfield Asset Management, the bank said on Thursday. The two parties will work to create a standalone entity for the business, into which Barclays plans to invest approximately 400 million pounds ($528.2 million).

Barclays Plc is close to selling a stake in its payments business to Brookfield Asset Management, according to people familiar with the matter.