Sale of former Barclays France life insurance portfolio stalls – Les Echos

The sale of €2.8 billion life insurance portfolio held by French bank Milleis Banque SA has stalled after the lender failed to receive the price it wanted, Les Echos reported.

Société Générale SA and The Blackstone Group Inc. were both bidding for the portfolio, according to the Jan. 12 report.

Barclays PLC completed the sale of its French retail and investment management business to AnaCap Financial Partners LLP in 2017. AnaCap later renamed the unit Milleis Banque. The bank has suffered problems since, largely due to IT migration issues, the paper said.