The sale includes the network of 74 retail branches, a life insurance business, wealth and investment management, and brokerage operations. All employees of the French retail and wealth and investment management business will become part of AnaCap’s portfolio of companies. The business will continue to be branded Barclays for a period of up to 12 months, according to Barclays.
AnaCap is a specialist European financial services private equity firm. Its banking investments comprise Aldermore in the UK, MeDirect in Belgium; Mediterranean Bank in Malta; Equa bank in the Czech Republic; and Nest Bank in Poland.
Today’s completion reduces Barclays’ Risk Weighted Assets by c.£0.5bn and annualised costs by c.£150m.
Commenting on the announcement, Jes Staley, Barclays Group Chief Executive, said:
“Today’s completion shows the continued benefit of Barclays’ focused approach to reducing its non-core assets and releasing their value. It also marks the sale of Barclays’ last retail banking operation in Continental Europe.
“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.”