LONDON (Alliance News) - Barclays PLC said Tuesday it has agreed the sale of a portfolio of Italian small business and corporate loans to European private equity firm AnaCap Financial Partners.
Barclays said the portfolio is a mix of performing and non-performing loans with a book value of around EUR177.0 million in gross receivables. The sale price was not disclosed.
The portfolio was designated as part of the UK bank's Non-Core division, which is being gradually sold off. Its disposal will reduce Barclays' non-core weighted assets by around GBP78.0 million, with completion expected in the second quarter of 2017.
"We have maintained good momentum in Barclays Non-Core throughout 2016, finishing the year with the sale of a further book of loans in Italy on 30 December," said Harry Harrison, head of Barclays Non-Core.
"Barclays Non-Core looks remarkably different today than it did a year ago ? in that time we have completed the sale of a number of businesses, including our Portuguese and Italian retail banks, our southern European cards business, our Asian Wealth business and our index and risk analytics business, as well as reducing and simplifying our legacy derivatives and loans books. We look to continue this success in 2017," added Harrison.
Shares in Barclays were up 0.6% at 228.70 pence Tuesday.
By Adam Clark; adamclark@alliancenews.com
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Barclays (BARC)