Barclays sells business in Italy

Barclays has completed the sale of its Italian insurance business to CNP Assurances, the British lender said recently.

The deal will see Barclays transfer EUR700 million (USD782 million) worth of assets under management to the buyer, Barclays said, as the bank continues to dispose of assets under a plan to shrink its size and increase profits.

The sale will result in annual cost reduction of around EUR5 million, Barclays said. Neither side disclosed a price for the deal.