AnaCap in talks to acquire another banking business

AnaCap in talks to acquire another banking business




Privaty equity firm AnaCap has announced that it is in exclusive negotiations to acquire Barclays' French retail banking and wealth businesses.

Yesterday, Barclays posted Group pre-tax profits of £793m for the first quarter of this year, down from £1.05m on the year before.

Barclay’s French retail banking and wealth business operations has a network of 74 branches across France and is set to continue to offer its range of corporate and investment banking operations.

Nassim Cherchali, Director of AnaCap, said: “This is an opportunity to acquire an attractive and established banking operation built on a team of highly talented individuals with exceptional relationships with customers across France.

“We have already established an unrivalled track record within the private equity industry for acquiring and growing banking platforms across the continent,” Nassim added.

“…If concluded, we look forward to building this business further in a market with significant potential for innovation and expansion.”

The acquisition would mark the firm’s second French investment, following the buyout of digital insurance broker AssurOne Group in 2014.

It would also be AnaCap’s sixth banking investment.

AnaCap is said to be Europe’s largest specialist private equity investor in the financial services sector, with funds of approximately £2.3bn under management across the continent.

The firm is also a principal shareholder of UK challenger bank Aldermore Group, which is now publically listed on the London Stock Exchange.

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