The Canada Goose Jackets transaction coincides with a move by
Barclays sells Italian branches to Mediobanca at a loss
MILAN/LONDON, Dec 3 (Reuters) Barclays is paying 237 million euros to sell its branches in Italy to Mediobanca in a deal that will give the Italian investment bank a boost in a race for asset management fees on its home turf.
Mediobanca said on Thursday its retail division CheBanca! would canada goose coats buy from buy canada goose jacket Barclays 89 branches with 220,000 clients, residential mortgage loans worth 2.9 billion euros ($3.1 billion) and some 550 staff. Reuters reported on Wednesday the deal was imminent.
The sale is cheap Canada Goose part of plans by Britain third biggest bank to shed continental European retail banking operations as it retreats from businesses that are unprofitable or uk canada goose outlet lack scale. Barclays said it would book a 200 million pound ($298.5 million) loss on the transaction in the fourth quarter.
Milan based Mediobanca has been seeking to diversify from its core investment banking business and expand in Canada Goose online more stable, less capital intensive activities at a time when regulators are Canada Goose Online imposing stricter requirements.
With the Barclays deal, CheBanca!, founded in 2008 and focused on digital savvy customers buy canada goose jacket cheap with between 50,000 and 200,000 euros, will nearly triple its number of branches and its client numbers will grow by 60 percent to 770,000.
Total assets under management will double to more than 6 billion euros. The Canada Goose Jackets transaction coincides with a move by Italian banks to cheap canada goose uk draw more on the private household cash to make money and offset weak retail operations.
operation immediately gives us the scale in asset management that we needed and allows us to take a leap forward, CheBanca! CEO Gian Luca Sichel thecanadagooseoutlet told Reuters.
He canada goose coats on sale described the 237 million euros the canada goose outlet CheBanca! is getting from Barclays as a for restructuring canadian goose jacket and revamping the network, which he said breaks even.
He did not rule out that canada goose uk shop some branches could be closed in a country where most banks have been cutting their branch Canada Goose Outlet networks to reduce costs and are expected to continue to do so.
Barclays for its part is likely to be left with more than 10 billion pounds, or 14 billion euros, of Italian mortgages on its books, which it is trying to sell. It canada goose black friday sale had 13.5 canada goose factory sale billion pounds of Italian residential mortgages at the start of the year.
The bank has canada goose clearance sale already sold retail operations in Spain and Portugal and is seeking to sell in France.
Other canada goose clearance banks which want to reduce their retail presence in Italy include Deutsche Bank, sources canada goose with canada goose store direct knowledge of Canada Goose Parka the matter said. Deutsche Bank has said any rumours about a withdrawal from the euro zone third largest economy are unfounded.
The uk canada goose Italian sale will reduce Barclays risk canada goose uk outlet weighted assets by about 800 million pounds and result in a small decrease Canada Goose sale in its capital ratio.
The deal will have a 20 basis point negative impact on Mediobanca capital, or around 120 million euros according to analysts, but will boost profit from the 2016 17 financial year.
Barclays said it would Canada Goose Coats On Sale continue to operate investment banking and corporate banking canada goose uk black friday services in Italy, and continue to manage its remaining retail mortgage portfolio. It is attempting to parcel those loans up and sell them to investors, including private equity firms.
