A Bet On Digitalization: A New French Wealth Manager Is Born

 

Matthias Maucher

 

Essential Insights.
Strategic Rational Barclays

# Sale of its french retail, wealth management and insurance business completes the         bank‘s strategy to exit from operations in continental Europe

# RWA -500 million, cost -130 million pound sterling

# Price of the deal was not disclosed

Strategic Rational AnaCap Financial Partners

# Digitalization shall allow to earn a positive return with wealth management services         for less wealthy clients

# Expected CAGR (revenue growth) of 4% through to 2020

AnaCap FP, a private equity investor, aims to build a leading independent wealth manager in France.

AnaCap FP aims to focus on the affluent segment and wants to relaunch mortgage lending. The business case strongly relies on economics of digitalization.

Transaction depends on regulatory approval.

Barclays kicked off its sale of french client facing operations to AnaCap in December 2016. Depending on regulatory approval, the transaction is expected to be completed by June 2017. The deal encompasses 74 branches and 1000 employees.