Barclays continues to shed its non-core assets and says arrivederci to retail in Italy with sale to CheBanca!

Hayley Kirton
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The bank is currently working hard to drop its non-core business (Source: Getty)

Banking giant Barclays today revealed it has completed the sale of its Italian retail network to CheBanca!, as it continues in its quest to ditch its non-core business.

"I would like to take this opportunity to thank our colleagues in the Italian retail network and wish them well for the future," said Jes Staley, Barclays group chief executive.

"Their commitment and professionalism will be a great asset to CheBanca!, just as it has been to Barclays."

Barclays will continue with corporate and investment banking in Italy.

Shares in Barclays are currently up almost two per cent at 169.3p. Meanwhile, shares in Mediobanca Group, which owns CheBanca!, were up 2.5 per cent at €6.54.

Staley recently reiterated his pledge to speed up winding down the bank's non-core business, which accounted for £1.9bn in losses during the first half of 2016.