Completion of the sale is expected to occur by the second quarter of 2017 and will include a network of 74 retail branches, a wealth and investment management arm and the bank’s brokerage operations.
All employees of the French retail and wealth and investment management business will become part of AnaCap’s portfolio of companies following completion.
Jes Staley, group chief executive of Barclays, said: “This is another positive step in reducing our non-core unit, creating a more focused, simpler Barclays, and thereby releasing the strong performance of our core business.
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“The agreement to sell our French business completes Barclays’ exit from retail banking in continental Europe.
“The business in France is an attractive one, with a strong customer base and proposition, but it is no longer central to our strategy.”
The transaction – which is subject to regulatory approval – is expected to reduce Barclays’ risk-weighted assets by approximately £0.5bn and its annualised non-core costs by £130m.
Barclays stated that it will now work to ensure an orderly transition of services and colleagues to AnaCap.
“I wish the business well under new ownership and success for our dedicated colleagues,” Jes added.
The agreement does not include the bank’s corporate and investment banking businesses in France.
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