Barclays sells Italian insurance business to CNP
Barclays Bank has completed the sale of its insurance business in Italy to CNP Assurances.
According to Barclays, 37,000 of its customers and around 700 million Euros of its assets under management will transfer to the purchaser as part of the deal in Italy.
The sale also represents an annualised cost reduction of around 5 million Euros. Neither party will be disclosing further financial terms of the deal.
Barclays Vida y Pensiones Compañía de Seguros (BVP) was set up in 2009 to provide life insurance and pension products in Spain, Italy and Portugal. BVP has already sold its Portuguese insurance business to Bankinter Seguros de Vida, completed in April 2016.
Barclays also proposed the sale of its Italian retail bank to Chebanca! in December 2015.
Barclays will continue to operate investment banking and corporate banking in Italy, and manage the remaining retail mortgage portfolio.
Harry Harrison, co-head of Barclays Non-Core, commented: “We continue to accelerate the rundown of Barclays Non-Core. As we sell these businesses, reducing cost, operational risk and capital allocation, we are revealing the underlying strength of the core business.”
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