BarclaysPlc and AnaCapFinancial Partners LLP have entered into exclusive discussionsregarding the potential sale of the British bank's French retail bankingoperations, including its network of 74 branches, its life insurance businessand its wealth and investment management operations.
The discussions do not include Barclays' corporate andinvestment banking businesses; Barclays will continue to operate the businessesin France. Any potential deal is subject to a mandatory consultation period,the bank noted.
Barclays CEO Jes Staley said the transaction, oncecompleted, would effectively conclude the bank's exit from continental Europeanbranch-based retail banking.
The bank earlier reported a year-over-year decline in first-quarter groupprofit attributable to ordinary equity holders of the parent, to £433 millionfrom £465 million.