Barclays has today completed the sale of its French retail business to private equity firm AnaCap Financial Partners.
The sale includes its network of 74 retail branches, a life insurance business, a wealth and investment management arm and brokerage operations.
The sale marks Barclays’ exit from retail banking in continental Europe.
The business as a whole will continue to be branded as Barclays for up to 12 months, the bank said.
“Today’s completion shows the continued benefit of Barclays’ focused approach to reducing its non-core assets and releasing their value,” said chief executive Jes Staley.
I’d like to thank our employees in France who will be transferring to AnaCap for their service to Barclays and its customers over many years.
Our team’s professionalism through the sale process underlines the strength of our customer relationships and why the business was attractive to AnaCap. We wish the team well for the future.
Barclays continues to operate corporate and investment banking in France where those franchises are strong and we believe we are well placed.
European private equity firm AnaCap is also invested in UK challenger bank Aldermore, MeDirect in Belgium, Mediterranean Bank in Malta, Equa bank in the Czech Republic and Nest Bank in Poland.
The sale marks part of a drive by Barclays to dispose of non-core assets. It completed the sale of its Italian retail operations, CheBanca!, at the end of August last year. It has also been selling down its assets in Africa this year.
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