Cambridge University reportedly could drop Barclays in favour of greener bank

UK lender is a major European funder of oil and gas projects and university has said it does not want to back fossil fuel expansion

Cambridge University could cut ties with Barclays after more than 200 years over the bank's refusal to stop financing new oil and gas projects, according to the Financial Times.

It reported that Cambridge is looking for an institution with robust climate policies to manage several hundred million pounds" in cash and money market funds - a mandate expected to cover more than 200m in assets and generate about 10m in fees a year.