Barclays sells French retail banking business to AnaCap

Barclays has agreed to sell its French retail banking, wealth and investment management business to private equity group AnaCap for an undisclosed fee.

AnaCap, which has been in exclusive talks over the disposal since the end of April (http://www.digitallook.com/news/news-and-announcements/barclays-in-talks-to-sell-french-business-to-anacap--1139091.html), will take over Barclay's network of 74 French branches, plus its French life insurance business, wealth and investment management and brokerage operations, which together have a €7bn of assets under management and around 140,000 clients. The deal is subject to regulatory approval.

Barclays, which is also looking to sell its Italian business will continue to operate its corporate and investment banking operations in France.

In July's interim results, Barclays non-core loss included a £372m impairment in respect of the assets of the French retail, and wealth and investment management businesses as it was held for sale.

AnaCap, which provided investment to help set up challenger bank Aldermore in the UK, said it planned to "leverage Barclays’ client base, network and relationship managers with a view to building the leading independent wealth manager in France".