Barclays (LON:BARC) has continued trimming its non-core operations with the sale of its French retail banking business. The disposal comes after the FTSE 100 group recently offloaded its Irish insurance operations.
Barclays’ share price has fallen into the red in London in today’s session, having shed 0.84 percent to 231.15p as of 09:39 GMT. The stock is underperforming the broader London market, with the benchmark FTSE 100 index having lost 0.16 percent to 6,943.31 points. The bank’s shares have gained more than five percent this year, as compared with about an 11-percent rise in the Footsie.
Barclays announced in a statement this morning that it had inked a deal with AnaCap Financial Partners for the sale of its French Retail Banking business. The sale includes the network of 74 retail branches, a life insurance business, wealth and investment management, and brokerage operations, but does not include Barclays’ corporate and investment banking businesses in the country.
Commenting on the agreement, the FTSE 100 bank’s chief executive Jes Staley said in the statement that the deal marked “another positive step in reducing our none-core unit, creating a more focused, simpler Barclays, and thereby releasing the strong performance of our core business”. He added that the agreement also completed the group’s exit from retail banking in continental Europe.
Staley has been trimming the lender’s non-core businesses in an effort to turn Barclays into a transatlantic bank, focused on operations in the UK and the US.
The 21 analysts offering 12-month price targets for Barclays for the Financial Times have a median target of 210.00p, with a high estimate of 260.00p and a low estimate of 155.00p. As of December 9, the consensus forecast amongst 26 polled investment analysts covering the lender advises investors to hold their position in the company.
As of 10:02 GMT, Monday, 12 December, Barclays share price is 231.15p.
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