BT Group reportedly began exploring a sale of its financial services unit Radianz as part of CEO Allison Kirkby’s (pictured) ongoing push to shake-up the operator through cost-cutting and simplifying operations.

Financial Times (FT) reported BT is working on the potential sale with Citigroup and the unit is expected to be valued in the low hundreds of millions of pounds.

Radianz is a service used by financial institutions to connect banks, brokers and exchanges which BT acquired from Thomson Reuters for $175 million in 2005.

Along with the purchase, the operator also secured a £3 billion contract to supply the news and media giant with network services.

Radianz sits within BT Business, a unit formed in 2022 following a merger of its enterprise and global divisions.

FT noted BT Business CEO Bas Burger admitted in 2023 the forecast growth at the unit had not materialised.

In May, Kirkby set a target of £3 billion in annual cost savings over the next five years, along with stating BT would continue a modernisation drive and assess various options for its business activities.

BT booked a goodwill impairment of £488 million for the Business division in fiscal 2024 (the period to end-March), attributed to a decline in profitability over recent years.