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Barclays has agreed the sale of a portfolio of salary secured loans in Italy to IBL Banca S.p.A.

The portfolio forms part of Barclays Non-Core and comprises c. £260m of gross receivables. The sale will reduce non-core risk weighted assets by a further c. £170m and will be broadly neutral to Barclays’ CET1 ratio on completion.

Harry Harrison, Head of Barclays Non-Core, commented: “Last week we announced agreements to sell our Egyptian bank and our UK Trust business. Today’s announcement further highlights the momentum we have in Barclays Non-Core and the progress we’re making.”

Completion, which is subject to regulatory approvals, is expected to occur in the first quarter of 2017.

Barclays completed the sale of its Italian retail banking network in August 2016, and continues to operate investment banking and corporate banking in Italy. Barclays’ residual mortgage portfolio and other non-core retail, wealth and corporate loans in Italy will remain part of Barclays Non-Core, with the intention to exit or rundown over time. 

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