Barclays PLC (“Barclays”) has finalized the sale of its French retail banking division (“Barclays France SA”) to AnaCap Financial Partners (“AnaCap”).

Barclays France SA includes a network of 74 locations, offering life insurance, asset management and brokerage services. Barclays France SA will join AnaCap’s portfolio of businesses, with the dedicated team continuing in their roles. Business will be exercised under the Barclays brand for a maximum of 12 months.

AnaCap is an investment bank specializing in financial services in Europe. Previous investments in the banking sector include Aldermore in the UK, Me Direct in Belgium, Mediterranean Bank in Malta, Equa Bank in the Czech Republic and Nest Bank in Poland.

The completion of this transaction results in a reduction in the weighted assets of nearly € 0.5 billion and in annual costs of £ 150 million.

Jes Stanley, President of the Group, said of the transaction, “The completion of this operation confirms the relevance of Barclays’ focused approach, which includes the reduction of its non-strategic weighted assets, thereby completing its restructuring. I would like to thank the team in France, which will be transferred to AnaCap, for the many years of service provided to Barclays and its clients. The professionalism they have displayed over the course of this process is a testament to the strength of customer relations and an illustration of why AnaCap has taken interest in the business. We wish the team every success going forward. Barclays will continue to operate its investment and corporate banking businesses in France, two areas in which we are well placed to succeed.”