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Barclays to Sell Retail Banking Business in France to AnaCap

© AFP 2021 / EMMANUEL DUNANDBarclays' bank logo is seen above a billboard displaying art photography in New York, June 11, 2013
Barclays' bank logo is seen above a billboard displaying art photography in New York, June 11, 2013 - Sputnik International
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Barclays announced it was on track to complete by next June the sale of its retail and wealth management operations in France to French equity firm.

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MOSCOW (Sputnik) UK’s lender Barclays announced Monday it was on track to complete by next June the sale of its retail and wealth management operations in France to French equity firm AnaCap.

"I am pleased that we have reached today’s agreement with AnaCap Financial Partners for the sale of our French retail and wealth and investment management operations," Barclays CEO Jes Staley said in a statement.

The deal follows eight months of talks and will see the UK bank shed a network of 74 retail branches, a life insurance business, wealth and investment management, and brokerage operations.

It will reduce Barclays’ risk-weighted assets by almost $632 million and cut annual costs by some $164 million. The bank will keep its French corporate and investment banking businesses.

"The business in France is an attractive one, with a strong customer base and proposition, but it is no longer central to our strategy," Staley said, adding this was a step toward creating "a more focused, simpler Barclays."

The sale will complete Barclays’ exit from retail banking in continental Europe. The 325-year lender operates in over 40 countries and has a strong presence in its two home markets of the United Kingdom and the United States.

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