Barclays: German divestment - simplification continues

(CercleFinance.com) - Barclays announced on Thursday the sale of its retail financial services business in Germany to the Austrian banking institution Bawag, with the aim of continuing to simplify its organisation.
NB: cp +1%.

The British bank explains that the transaction is in line with the strategy it presented at its Investor Day in February, aimed at focusing primarily on its private banking, corporate and investment banking businesses.

The scope of the retail financial services division concerned includes retail banking, credit cards, consumer loans and deposit accounts on the German and Austrian markets.

At 31 March, the division had assets of around E4.7bn.

Barclays points out that the transaction will free up capital requirements in the form of risk-weighted assets (RWAs) of around E4bn, and improve its CET1 capital ratio by around 0.1 percentage point.


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