Barclays PLC Barclays announces further Non-Core disposals (9184X)
03 September 2015 - 4:00PM
UK Regulatory
TIDMBARC
RNS Number : 9184X
Barclays PLC
03 September 2015
02 September 2015
Barclays PLC
Barclays announces further Non-Core disposals
Barclays Bank PLC ("Barclays") has today agreed to sell its
Retail Banking, Wealth and Investment Management businesses and
part of its Corporate Banking business in Portugal which serves
small and medium-sized enterprises (the "Portuguese Businesses") to
Bankinter, S.A. ("Bankinter"). It has also agreed to sell its
insurance business in Portugal to Bankinter Seguros de Vida, S.A.
Seguros y Reaseguros ("Bankinter Vida"), which operates an
insurance joint-venture with Mapfre, S.A.
Barclays will continue to operate Barclaycard, investment
banking and multinational corporate banking in Portugal.
The financial impacts of this transaction on Barclays are
dependent, among other things, on the profitability of the
businesses and foreign exchange movements up to completion. The
current estimate is that the transaction will result in a pro forma
decrease in risk weighted assets of approximately GBP1.7bn on
completion, along with a loss after tax of approximately GBP200m,
part of which will be booked in Q3 2015. The transaction is
expected to result in a small increase in Barclays CET1 Ratio,
while tangible net asset value is expected to slightly
decrease.
On completion, it is expected that approximately 1,000 Barclays
banking and insurance employees, and 84 branches, will transfer to
Bankinter and Bankinter Vida. Completion is subject to, among other
things, regulatory approvals, and is expected to occur in Q1
2016.
John McFarlane, Barclays Chairman, said: "I am pleased to be
announcing further reductions in Barclays Non-Core through the
transactions announced today. We remain on track to rebalance
Barclays as part of our strategy to deliver sustainable returns for
our shareholders.
I want to take this opportunity to thank our Portuguese
colleagues in the businesses we are selling for their hard work and
professionalism which has built strong customer and client
relationships over many years and has made these businesses so
attractive to Bankinter and Bankinter Vida. We will continue to
operate our Barclaycard, investment banking businesses and service
our multinational corporate clients in Portugal. We believe these
are areas where we continue to have a competitive advantage."
- Ends -
For further information, please contact:
Barclays
Investor Relations Media Relations
Kathryn McLeland Candice Macdonald
+44 (0) 20 7116 4943 +44 (0)20 7116 4755
About Barclays
Barclays is an international financial services provider engaged
in personal, corporate and investment banking, credit cards and
wealth management with an extensive presence in Europe, the
Americas, Africa and Asia. Barclays' purpose is to help people
achieve their ambitions - in the right way.
With 325 years of history and expertise in banking, Barclays
operates in over 50 countries and employs over 130,000 people.
Barclays moves, lends, invests and protects money for customers and
clients worldwide.
For further information about Barclays, please visit our website
www.home.barclays
INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
This document may contain forward-looking statements that are
based on current expectations or beliefs, as well as assumptions
about future events. Generally, the words "will", "may", "should",
"continue", "believes", "expects", "intends", "anticipates",
"plans" or similar expressions that are predictive or indicative of
future events identify forward-looking statements. These statements
are based on the current expectations of management and are
naturally subject to risks, uncertainties and changes in
circumstances. Undue reliance should not be placed on any such
statements because, by their very nature, they are subject to known
and unknown risks and uncertainties and can be affected by other
factors, many of which are outside the control of Barclays and its
Directors, that could cause actual results, and management's plans
and objectives, to differ materially from those expressed or
implied in the forward-looking statements. As such, forward-looking
statements are no guarantee of future performance.
There are several factors which could cause actual results to
differ materially from those expressed or implied in
forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the
forward-looking statements are changes in the global, political,
economic, business, competitive, market and regulatory environment,
future exchange and interest rates, changes in tax rates and future
business combinations or dispositions.
Readers are cautioned not to place undue reliance on these
forward-looking statements which speak only as at the date of this
document. Barclays does not undertake any obligation (except as
required by requirements of the UK Listing Authority or any other
legal or regulatory requirement) to revise or update any
forward-looking statement contained in this document, regardless of
whether that statement is affected as a result of new information,
future events or otherwise.
No statement in this document is intended as a profit forecast
and no statement in this document should be interpreted to mean
that the earnings per Share for the current or future years would
necessarily match or exceed the historical published earnings per
Share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISKMGGLNZMGKZM
(END) Dow Jones Newswires
September 03, 2015 02:00 ET (06:00 GMT)
Barclays (LSE:BARC)
Historical Stock Chart
From Apr 2024 to May 2024
Barclays (LSE:BARC)
Historical Stock Chart
From May 2023 to May 2024