Barclays is selling its retail, wealth management and life insurance business in France to private equity investor AnaCap Financial Partners. This completes the British bank’s exit from consumer-facing activities in continental Europe. The business constitutes 74 branches in France and about 1000 staff, who will be absorbed by AnaCap. Barclays said the sale would reduce its risk-weighted assets by about £500 million and cut costs by £130 million in its noncore unit. The bank had earlier sold its retail banking and credit card operations in Spain, Portugal and Italy, as well its wealth management operations in the US and Asia. AnaCap specializes in investing in European financial services.
