AnaCap to acquire Barclays’ French retail banking & wealth management ops, complete IT overhaul planned
AnaCap has big plans for France
AnaCap Financial Partners, a UK-based private equity firm, is set to acquire Barclays’ French retail banking business, life insurance business, wealth and investment management and brokerage operations.
The negotiations have been underway since May and the deal is still subject to regulatory approval.
AnaCap says its ambition is to create “the leading independent wealth manager in France”. Plans include the re-launch of the mortgage lending proposition; improving the digital products and online tools; enhancing the product offering; and a complete overhaul of the IT platform.
The takeover will bring AnaCap €7 billion of assets under management and around 140,000 clients.
AnaCap already owns a number of financial institutions across Europe: FM Bank PBP (Poland), Equa Bank (Czech Republic) and Mediterranean Bank (Malta).
Earlier this year, it bought non-performing loans (NPLs) of Royal Bank of Scotland (RBS) and GE Capital Real Estate in Italy.
It is also understood to be crystallising a strategy to launch a new digital bank in the UK.
