London-based private equity firm AnaCap Financial Partners has finalised the purchase of Barclays France SA, at the start of September.
The deal includes the branch network (74 offices), life insurance business, wealth and investment management and brokerage operations of Barclays in France.
However, Barclays retains its corporate and investment banking services in France.
Barclays and AnaCap had initiated exclusive talks for the transaction in April 2016, which were concluded by an agreement reached in December 2016.
In December 2016, Barclays’ French operations were worth €7bn of assets under management from around 140,000 clients.
The Barclays’ French activities acquired by AnaCap will continue to operate under the Barclays’ brand for a maximum period of 12 months.
Barclays’ CEO Jes Staley said the sale of Barclays France confirms that the firm focuses on its restructuring.
The completion of the deal will see Barclays losing around £0.5bn of weighted assets and trimming £150m of annual costs, the British financial group said.
Barclays France is co-led by Philippe Vayssettes, former board chairman of private banking group Neuflize OBC, and Christophe Gancel, ex-Indosuez’s chief executive officer.
AnaCap has made several investments in the financial sector including Aldermore in the UK, Me Direct in Belgium, Mediterranean Bank in Malta, Equa Bank in Czech Republic and Nest Bank in Poland.