Barclays to sell retail operations in Italy and Portugal
Barclays is reportedly considering the sale of its retail businesses in Italy and Portugal as part of an ongoing asset disposal programme; the bank is said to have issued information on the units to prospective buyers in recent weeks. This will hasten its retrenchment from European economies at a time where the Greek debt crisis raises new investor concerns regarding the exposure of UK lenders.&nbsp;
Barclays (LON:BARC) is considering selling its Italian and Portuguese retail banking assets, according to Sky News. The British bank is understood to have issued information to prospective bidders about the two businesses in recent weeks.



Barclays’ operations in Italy and Portugal, which comprise 90 and 85 branches respectively, are part of the group’s non-core division, established last year. Their sale will speed up the lender’s exit from Eurozone economies at a time when the Greek debt crisis has sparked fresh concerns about the exposure of British banks.

Contacted by Alliance News for comment on the report, a Barclays spokesperson said: “Barclays confirmed in May 2014 that its Retail and Business Banking operations in France, Italy, Portugal and Spain would form part of its Non-Core division and that we would, therefore, explore options to sell or exit these businesses over time, or materially reduce the capital they consume. Until then, however, we will continue to actively manage these businesses, protecting the franchise, and ensuring we deliver high-quality service to our customers and clients.”

The Sky News report has emerged hot on the heels of CEO Antony Jenkins’s departure yesterday. Barclays sacked Jenkins, saying it required a different set of leadership skills for the next phase of its restructuring. Reportedly, the bank’ next chief executive will be under pressure to accelerate the group’s ongoing asset disposal programme. A number of candidates to replace Jenkins are already the subject of City speculation, including Barclays’ finance director, Tushar Morzaria.

Barclays’ shares have been trading higher today. By 14:19 BST, they have increased by 1.84 percent to stand at 262.04p.

As of 14:38 BST, Thursday, 09 July, Barclays share price is 261.68p.