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Barclays increases PPI provisions by up to 1.6 billion sterling

FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. REUTERS/Simon Dawson

LONDON (Reuters) - Barclays BARC.L on Monday said it expects to increase its provision for payment protection insurance (PPI) claims by 1.2 billion to 1.6 billion pounds ($1.5 billion to $2 billion).

Banks are setting aside more provisions for PPI following a rush of claims against mis-selling of the insurance ahead of the deadline on Aug. 29.

Reporting by Lawrence White, Editing by Rosalba O’Brien

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