Barclays has finalized the sale of its insurance operations in Italy to CNP Assurances. While the total sum was undisclosed, the transaction involves €700 million in assets under management.
The British banking group continues to dispose of assets in an effort to shrink its size and grow profits. The sale is seen to reduce Barclay’s annual costs by around €5 million.
“We continue to accelerate the rundown of Barclays Non-Core,” said Harry Harrison, co-head of Barclays Non-Core.
“As we sell these businesses, reducing cost, operational risk and capital allocation, we are revealing the underlying strength of the core business,” he added.
Yesterday, Barclays’ shares were down three pence, or 1.8 per cent, at 179 pence, valuing the company at £30.26 billion.
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