Barclays has confirmed that it is in exclusive talks with private equity firm AnaCap Financial Partners for the sale of its retail banking, wealth, and investment management operations in France.
The move, part of the banking group’s strategy to boost profitability by disposing non-core assets, will involve the sale of 74 retail banking branches.
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As part of this strategy, the British lender had also offloaded its businesses in Italy, Portugal and Spain in recent months.
Barclays group CEO Jes Staley said: "Accelerating the disposal of Non-Core business is the key to creating a simpler, more focused Barclays and reducing the drag on the performance of our core business."
The sale of the French operations would complete the group’s exit from retail banking business in Continental Europe.
"Barclays’ French retail and wealth and investment management business is attractive, but no longer fits with our strategic ambitions. With its committed staff and strong customer and client relationships, it is well-placed to thrive under new ownership. This transaction, once completed, would effectively finish our exit from Continental European branch-based retail banking," Staley stated.
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By GlobalDataThe bank however, said that it will retain its corporate and investment banking businesses in France.
