UK's Barclays to sell German consumer finance business (updated)

BAWAG AG

04/07/2024 07:46

(Adds detail in paragraph 2-3)
       July 4 (Reuters) - Barclays  BARC.L  has agreed to sell
its German consumer finance business to Austrian bank BAWAG
Group AG  BAWG.VI  for a "small premium to net assets", payable
in cash, it said on Thursday, as the British lender aims to
simplify its business.
        Barclays said the sale is expected to release about 4
billion euros ($4.32 billion) of risk-weighted assets,
increasing the bank's CET1 ratio by about 10 basis points on
completion.
  
        The business, called Consumer Bank Europe, serves
customers in the German and Austrian markets and had gross
assets of 4.7 billion euros at March-end, primarily in card and
loan receivables. 
  


($1 = 0.9269 euros)

 (Reporting by Yadarisa Shabong in Bengaluru; Editing by Janane
Venkatraman
)
 ((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))