Further to the announcement on 4 July 2024, Barclays PLC (LON:BARC) has announced that Barclays Bank Ireland PLC has successfully completed the sale of certain assets and liabilities, which together comprise its German consumer finance business (Consumer Bank Europe) to BAWAG P.S.K., a wholly-owned subsidiary of BAWAG Group AG (BAWAG).
Consideration payable was a small premium to tangible book value. The sale is estimated to release c. €4.0bn of risk weighted assets, increasing Barclays’ CET1 ratio by c.10bps1.
The transaction is in line with the ambition to simplify Barclays and support the focus on growing its key businesses, which we outlined at our Investor Update in February 2024.
Francesco Ceccato, CEO, Barclays Europe, said:
“I’m grateful to everyone who has worked to finalise the deal, including the BAWAG senior executive team and our teams in Consumer Bank Europe. Barclays Europe will now focus on supporting our institutional, corporate and high net worth clients, where we continue to see significant growth potential.”
Notes:
(1) Based on the Barclays Group’s CET1 ratio of 13.8% as at 30 September 2024
