Barclays Europe Reaches Agreement On Sale Of German Consumer Finance Business

(RTTNews) - Barclays (BARC.L, BCS) said Barclays Bank Ireland has agreed the sale of certain assets and liabilities, which together comprise its German consumer finance business to BAWAG, a wholly-owned subsidiary of BAWAG Group AG. BAWAG P.S.K. will acquire Consumer Bank Europe for a small premium to net assets, payable in cash on completion.

Barclays expects the sale to release approximately 4.0 billion euros of RWAs, increasing Barclays' CET1 ratio by approximately 10 bps on completion. The company said the timing of completion does not impact Barclays' previously announced capital return plans.