Barclays completes exit from retail banking in Europe with French business sale
Barclays is to sell its French retail banking business to AnaCap Financial Partners as it continues a drive to sell off non-core assets.
The deal - for an undisclosed sum - will see the lender shed 74 retail branches and a life insurance business, as well as wealth, investment management and brokerage operations in the country.
It means Barclays has now completed its exit from consumer-facing banking in continental Europe. However, it will retain its corporate and investment banking businesses in France.
Boss Jes Staley said: "This is another positive step in reducing our non-core unit, creating a more focused, simpler Barclays, and thereby releasing the strong performance of our core business.
"The agreement to sell our French business completes Barclays' exit from retail banking in continental Europe."
The move is part of the lender's strategy of focusing on its core UK and US banking operations by selling its hinterland businesses.
The overhaul has seen the lender sell its Barclaycard credit card operations in Spain and Portugal to Bancopopular-e, sell down its stake in Barclays Africa, offload its Egyptian operations and sell its wealth and investment management business in Singapore and Hong Kong.