Barclays Draws Line Under Sale Of French Wealth, Investment Business

Josh O'Neill

4 September 2017

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.