Barclays has wrapped out the sale of French retail and wealth and investment management operations to private equity firm AnaCap Financial Partners.
The deal, announced in December 2016, includes the sale of 74 retail branches, wealth and investment management, and brokerage operations, in addition to a life insurance business.
The businesses, however, will retain the Barclays brand for up to 12 months. As part of the deal, all employees of business will join AnaCap.
The sale marks Barclays’ exit from retail banking in continental Europe and lowers its risk weighted assets by £0.5bn and expected to save £150m in annualised costs.
Barclays group CEO Jes Staley 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.”
“Barclays continues to operate corporate and investment banking in France where those franchises are strong and we believe we are well placed.”