Barclays Bank PLC (“Barclays”) has today completed the sale of its insurance business in Italy to CNP Assurances.
37,000 customers and c.€700 million of Assets under Management will transfer to the purchaser as part of the deal in Italy. The sale also represents an annualised cost reduction of c.€5 million. Neither party will be disclosing further financial terms of the deal.
Barclays Vida y Pensiones Compañía de Seguros (BVP) was set up in 2009 to provide life insurance and pension products in Spain, Italy and Portugal. BVP has already sold its Portuguese insurance business to Bankinter Seguros de Vida, completed in April 2016.
Barclays also announced the proposed sale of its Italian retail bank to Chebanca! in December 2015. Barclays will continue to operate investment banking and corporate banking in Italy, and manage the remaining retail mortgage portfolio.
Commenting on the sale, Harry Harrison, Co-Head of Barclays Non-Core, said: “We continue to accelerate the rundown of Barclays Non-Core. As we sell these businesses, reducing cost, operational risk and capital allocation, we are revealing the underlying strength of the core business.”