Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Barclays bank offloads Italian branches

Share this article

Barclays bank offloads Italian branches
Italian Barclays is set to sell off its Italian branch network. Photo: Alwyn Ladell/Flickr
10:09 CET+01:00
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.

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

Is this the world’s most international business school?

It's not just one of the world’s leading business schools. It’s also a chance for students to have a truly international undergraduate experience.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement