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