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NEWS

UK’s Barclays to sell German consumer finance business

UK’s Barclays to sell German consumer finance business

(Reuters) -Barclays is selling its German consumer finance business to Austrian bank BAWAG Group AG for a small premium to net assets, it said on Thursday, as the British lender aims to simplify its business.

The cash sale by Barclays Europe is expected to release about 4 billion euros ($4.32 billion) of risk-weighted assets and will increase the CET1 ratio – which measures capital strength – by about 10 basis points, Barclays said.

The German business, called Consumer Bank Europe, serves customers in the German and Austrian markets and had gross assets of 4.7 billion euros at March-end, primarily in card and loan receivables.

“The sale of Consumer Bank Europe aligns with our ambition to simplify Barclays,” said Francesco Ceccato, Barclays Europe’s CEO, adding that the deal would allow the bank to focus on corporate, investment banking and private banking businesses.

“We remain committed to our broader German and European operations and look forward to continued growth in the region during 2024 and beyond,” he said.

The deal is expected to be completed in six to nine months, depending on regulatory and legal approvals.

($1 = 0.9269 euros)

(Reporting by Yadarisa Shabong in Bengaluru, additional reporting by Kirstin Ridley in London; Editing by Janane Venkatraman, Sinead Cruise and Tomasz Janowski)

 

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