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.