Barclays (BARC.L) has completed the sale of its Italian insurance business to CNP Assurances (CNPP.PA), the British lender said on Wednesday.
The deal will see Barclays transfer 700 million euros (542 million pounds) worth of assets under management to the buyer, Barclays said, as the bank continues to dispose of assets under a plan to shrink its size and increase profits.
The sale will result in annual cost reduction of around 5 million euros, Barclays said. Neither side disclosed a price for the deal.
Source: Reuters