Barclays plc (GB:BARC) has released an update.
Barclays has announced the disposal of its Italian mortgage portfolio, valued at approximately €3.3 billion, to be financed through securitisation with GoldenTree Asset Management participating. The deal will provide Barclays with €400 million in cash and is part of the company’s strategy to simplify its operations and focus on key businesses. Despite expecting a pre-tax loss from the transaction, it is anticipated to be broadly neutral to Barclays’ capital ratio.
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