Barclays bank offloads Italian branches

Barclays bank offloads Italian branches
Italian Barclays is set to sell off its Italian branch network. Photo: Alwyn Ladell/Flickr
Troubled British bank Barclays said on Thursday it will sell its Italian retail branch network at a loss to a division of Italy's Mediobanca as part of its ongoing restructuring.

Barclays said in a statement that it would offload the 89 branches to Mediobanca division CheBanca! and expected to make a loss after tax of about €282 million ($300 million) . The deal is expected to be finalized in the second quarter of next year.

“This transaction is further evidence of the re-shaping of Barclays group to focus on our core businesses,” said chief executive Jes Staley.

“We continue to make progress in the reduction of Barclays non-core as we target risk weighted assets of around €28 billion at the end of 2017.”
   
Barclays added that it would continue to operate investment banking and corporate banking in Italy.


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