Says sale to release 4.0 bln eur in RWAs (Il Sole 24 Ore Radiocor) - London, 04 Jul - The UK lender Barclays said it has agreed to sell Consumer Bank Europe, its German consumer finance division, to Austrian multi-brand, multi-channel commercial bank BAWAG for a premium to net assets payable in cash on completion.

As at 31 March 2024, Consumer Bank Europe had gross assets of 4.7 billion euros, primarily comprising card and loan receivables.

The sale is expected to release 4.0 billion of risk-weighted assets (RWAs), increasing Barclays' CET1 ratio by 10 basis points on completion, which is subject to certain conditions, including regulatory approvals and the sanction of the relevant courts and is expected to occur within six to nine months.

The timing of completion does not impact Barclays' previously announced capital return plans.

"This transaction will also allow Barclays Europe to focus on its Corporate and Investment Banking and Private Banking businesses. We remain committed to our broader German and European operations and look forward to continued growth in the region during 2024 and beyond," said Francesco Ceccato, CEO, Barclays Europe.

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(RADIOCOR) 04-07-24 08:50:35 (0171) 5 NNNN