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Barclays Draws Line Under Sale Of French Wealth, Investment Business
Barclays' annualised costs are expected to be slashed by around £150 million, the bank said.
Barclays has sold its
French retail, wealth and investment management business to
AnaCap Financial Partners, a private equity house, in a deal that
will cut the bank's risk-weighted assets by £500 million ($647.7
million).
The sale includes 74 retail branches, a life insurance business,
wealth and investment management, and brokerage operations,
Barclays said in a statement. All employees of the French retail
and wealth and investment management businesses will become part
of AnaCap's portfolio of companies.
Barclays' annualised costs are expected to be slashed by around
£150 million, the bank said.
“Today’s completion shows the continued benefit of Barclays’
focused approach to reducing its non-core assets and releasing
their value,” Jes Staley, Barclays chief executive, said. “It
also marks the sale of Barclays’ last retail banking operation in
Continental Europe.”
The bank continues to offer corporate and investment banking
services in France, where those franchises are “strong” and “well
placed,” he added.