Barclays Plc is mulling over plans to spin off a £4 billion portfolio of complex credit assets, in a move that would help the lender in strengthening its balance sheet.

As per the Financial Times, people familiar with the matter said that Barclays was looking at a transaction to shift assets off its balance sheet worth about £4 billion in a similar deal it undertook previous month with $12.3 billion portfolio.

That transaction involved a team of 45 Barclays' staff, headed by Stephen King, the chief of principal mortgage trading, leaving the bank.

Then the team of 45 Barclays' staff set up a company called C12 to take on the $12.3 billion portfolio, codenamed Protium Finance.

As per reports the bank has been looking at two options for the sale of £4 billion portfolio. Barclays may opt for either a Protium model or a divestment to a third-party buyer.