Barclays Bank PLC has completed the sale of a portfolio of salary secured loans in Italy to IBL Banca S.p.A.
The portfolio forms part of Barclays Non-Core and comprises c. £240m of gross receivables.
The sale will reduce Non-Core Risk Weighted Assets by a further c. £170m and will be broadly neutral to Barclays’ CET1 ratio on completion.
Barclays completed the sale of its Italian retail banking network in August 2016, and continues to operate investment banking and corporate banking in Italy. Barclays’ residual mortgage portfolio and other Non-Core loans in Italy will remain part of Barclays Non-Core.
Jones Day has advised IBL Banca SpA in its acquisition with a team led by partner Vinicio Trombetti.
Involved fees earner: Vinicio Trombetti – Jones Day;
Law Firms: Jones Day;
Clients: Ibl Banca;