Barclays sells its Italian banking business to Mediobanca for a £258m loss 

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  • Barclays accelerating focus on US and UK banking arms
  • Mediobanca has also gone under a offloading programme to boost profits 

Mark Shapland For This Is Money

Barclays has got rid of its loss-making Italian business as part of its drive to focus on its retail, corporate and investment activities in the UK and US.

The bank confirmed that its retail banking operation in Italy, consisting of 85 branches employing 564 staff, would be sold to Mediobanca for a £258million loss. 

The Italian bank – the country’s sixth largest – said the deal would accelerate its plan to expand into retail banking, adding 220,000 clients and €2.5billion in residential mortgage loans to its existing CheBanca! operations in Italy.

Italy's Mediobanca Group, who will gain 220,000 clients, €2.9billion worth of residential mortgage loans and 620 staff

Expansion: Italy’s CheBanca! – part of Mediobanca Group – will gain…

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