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Barclays’ Shared Growth Ambition

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Healthy economies need strong banks to drive economic growth and social progress. And Barclays has an opportunity to play a pivotal role in fostering innovation and facilitating inclusive, shared growth for all – today and for future generations. 

Using the success of our 2015 Citizenship Plan as the foundation, this new chapter of Barclays’ Citizenship journey aligns to our strategy, geographical footprint and competitive strengths. We have announced our Shared Growth Ambition, the evolution of our Citizenship strategy. 

Accelerated rundown of Barclays Non-Core continues

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.”

Barclays cannot succeed or prosper unless the societies and communities in which we live and work also succeed and prosper.
Jes Staley, Group Chief Executive Officer

Barclays’ Shared Growth Ambition is about making decisions and doing business that provides our clients, customers, shareholders and the communities we serve with access to a prosperous future.

Jes Staley, Group Chief Executive Officer, says: “Barclays cannot succeed or prosper unless the societies and communities in which we live and work also succeed and prosper. This means using our skills, resources and commitment to drive and deliver the best results for all stakeholders.”

We will do this in three specific ways, by supporting: 

1. Access to employment Access to employment 2. Access to financial and digital empowerment Access to financial and digital empowerment 3. Access to financing Access to financing

Our long-term aim is to create and grow a collection of products, services and partnerships that improve the lives of people in the communities we serve, whilst providing the commercial return our shareholders deserve. It ensures we have clear focus on driving social good in everything that we do and we build the foundations for future growth for all. Quite simply, it’s good business – for Barclays and for society.

This is the start of Barclays' Shared Growth Ambition. More information and case studies will be available on our Citizenship pages throughout the journey.

Find out about Citizenship at BarclaysFind out about Citizenship at Barclays
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