Private equity firm AnaCap Financial Partners has agreed to buy British banking group Barclays’ French retail, wealth and investment management operations for an undisclosed sum.

The deal, expected to be completed in the second quarter of 2017, includes sale of 74 retail banking branches, in addition to wealth and investment management businesses, as well as a life insurance business.

The deal is expected to reduce the British lender’s risk weighted assets by about £500m and deliver annualised cost savings of £130m.

Barclays CEO 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."

Barclays will however, retain its corporate and investment banking operations in France.

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.

Company Profile – free sample

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 GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.