Barclays has completed a number of deals in its quest to siphon off peripheral businesses for cost-saving purposes.

The bank, according to The Wall Street Journal, will soon announce the sale of its Italian retail businesses. As reported by IBS Intelligence earlier this year, Barclays’ Iberian credit cards operations are also on the chopping block, while its Egyptian franchise has two bidders in the wings waiting to snap it up.

Barclays has been looking to scale back on its global businesses amid low interest rates and an increasingly tight regulatory presence. Jes Staley, Barclays’ CEO, promised to shift more than £35 billion of unwanted assets from the bank’s books by 2017. Many in the upper echelons of the firm are hoping that its return on equity figures will be back into the double figures once a majority of the unwanted assets are sold off.

The bank has sold off stakes its African divisions in a £600 million deal, entered talks with AnaCap over its French retail banking operations and shipped off its Singapore and Hong Kong wealth businesses for £242 million.

[do_widget id=text-34]

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: