Barclays sells Consumer Bank Europe to Bawag Group, streamlining operations and releasing €4bn in assets.

Barclays agrees to sell its German consumer finance business, Consumer Bank Europe, to Bawag Group AG for a small premium to net assets. The transaction is part of Barclays' efforts to streamline its operations and footprint, releasing €4bn in risk-weighted assets and boosting its CET1 ratio by around 10 basis points. The deal is subject to approvals and is expected to conclude in six to nine months.