Barclays Bank has agreed to sell £260m worth of its salary secured loans portfolio in Italy to IBL Banca for an undisclosed sum.
Go deeper with GlobalData
The sale is expected to reduce the bank’s non-core risk weighted assets by about £170m, the British banking group said.
The deal is expected to be wrapped up in the first quarter of 2017, subject to regulatory approvals.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe latest move is part of Barclays’ strategy to boost profitability by disposing non-core assets. In August 2016, Barclays completed the sale of its retail banking network in Italy to CheBanca!, though it retained investment banking and corporate banking operations in the country.
The bank is also planning to run down or exit its residual mortgage portfolio and other non-core retail, wealth and corporate loans in Italy over time.
Earlier this month, the bank agreed to sell its Egyptian retail and corporate banking operations to Morocco's Attijariwafa Bank. In May 2016, it sold a 12.2% stake in Barclays Africa.
Barclays Non-Core head Harry Harrison said: “Last week we announced agreements to sell our Egyptian bank and our UK Trust business. Today’s announcement further highlights the momentum we have in Barclays Non-Core and the progress we’re making.”
