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Barclays agrees to sell German consumer finance business to Austria’s Bawag

Barclays Consumer Bank Europe had $5bn in gross assets, mostly from card and loan receivables

Barclays agrees to sell German consumer finance business to Austria’s Bawag
Photo: Matt Cardy/Getty Images

Barclays agreed to sell its German consumer finance business to a subsidiary of Austrian bank Bawag Group as it continues with its plan to simplify its business.

The British lender on 4 July said that its Hamburg-based Consumer Bank Europe — which offers diversified retail banking services to the German and Austrian markets — will be bought for a small premium to net assets which will be paid in cash when the deal closes.

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