Dec 12, 2016
Barclays agrees to sell French retail business
Barclays has agreed to sell its French retail banking division as it continues its efforts to streamline its business.
Private equity firm AnaCap partners will take over 74 retail
branches, a life insurance business, as well as wealth, investment
management and brokerage operations.
The deal - for an undisclosed sum - does not include Barclays' corporate and investment banking operations in France.
Talks about a tie-up began in April. Barclays has been trying to focus on its core UK and US banking operations by selling off less important subsidiaries. It has previously sold its Barclaycard credit card operations in Spain and Portugal, its stake in Barclays Africa, and its wealth and investment management business in Singapore and Hong Kong.
Jes Staley, group chief executive at Barclays, said that the French business was "no longer central to our strategy".