Barclays completes sale of Italian Non-Core Loans

Barclays completes sale of Italian Non-Core Loans

Barclays completes sale of Italian Non-Core Loans

The FINANCIAL -- Barclays Bank PLC has on March 14 completed the sale of a portfolio of salary secured loans in Italy to IBL Banca S.p.A.

The portfolio forms part of Barclays Non-Core and comprises c. £240m of gross receivables. The sale will reduce Non-Core Risk Weighted Assets by a further c. £170m and will be broadly neutral to Barclays’ CET1 ratio on completion, according to Barclays.

Harry Harrison, Head of Barclays Non-Core, commented: “This sale is another step in the right direction, enabling us to release capital back into our Core business and bringing us closer to Barclays Non-Core closure at the end of June.”

Barclays completed the sale of its Italian retail banking network in August 2016, and continues to operate investment banking and corporate banking in Italy. Barclays’ residual mortgage portfolio and other Non-Core loans in Italy will remain part of Barclays Non-Core.