December 12, 2016 / 8:37 AM / 7 months ago

Private equity firm AnaCap to buy Barclays' French retail banking business

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An Ivy vine creeps down from a balcony above a branch of Barclay's Bank in Paris, March 13, 2016.Mal Langsdon

PARIS (Reuters) - Private equity firm AnaCap Financial Partners said on Monday it had signed an agreement with Barclays (BARC.L) to acquire its French retail banking business after the bank completed consultations with employees.

AnaCap Financial Partners said it aims to build a leading independent wealth manager in France, relaunch mortgage lending, improve digital and IT systems in the banking unit.

"The retail banking and wealth business operations are focused on the affluent segment, and face a large and rapidly growing addressable market ... with an expected CAGR (revenue growth) of 4 percent through to 2020", AnaCap said.

The deal, for which no price was disclosed by AnaCap, is subject to regulatory approval.

Reporting by Maya Nikolaeva; Editing by Sudip Kar-Gupta

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