Barclays share price down as lender says au revoir to French retail division in latest non-core asset sale
Barclays will sell its French retail business in the final step of a withdrawal from retail operations in continental European locations. 74 retail branches, its life insurance business, brokerage operations and its wealth and investment management subsidiary will be sold to private equity company AnaCap Financial Partners. Though an official price has not been released, the sale will reduce Barclay’s risk weighted assets by approximately £500m, and its non-core costs annually by £130m. The deal is expected to be completed by June 2017. Shares in the bank dropped 2.4% to reach 227.60p as a result of the announcement.
Barclays says au revoir to French retail division in latest non-core asset sale

Barclays has today agreed to sell its French retail business, marking the bank's final departure from retail operations in continental Europe.

The lender has agreed to sell the 74 retail branches, life insurance business, wealth and investment management arm, and brokerage operations in France to private equity firm AnaCap Financial Partners.

No price was disclosed for the deal, but Barclays noted the sale would reduce its risk weighted assets by around £500m and yearly non-core costs by £130m.

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"The business in France is an attractive one, with a strong customer base and proposition, but it is no longer central to our strategy," said Jes Staley, group chief executive of Barclays. "I wish the business well under new ownership and success for our dedicated colleagues who will become part of AnaCap's portfolio of companies following completion."

The final sale, which is subject to regulatory sign off, is expected to complete by June next year.

Barclays will maintain a French presence through its corporate and investment banking businesses in the country.

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Shares in the bank are down 2.4 per cent at 227.60p at time of writing.

The lender has ditched a number of its non-core assets lately, including completing the sale of its Italian retail network in August.