Barclays will raise £330m (€416m) in after tax gains from the sale of its UK life insurance unit, announced this morning ahead of its first half results on Thursday, joining a a growing number of banks that have sold non-core businesses to raise fresh capital.

The sale of Barclays Life Assurance to Swiss Re, for a sum of £753m payable in cash, is expected to be completed by the end of October, pending regulatory approvals, the bank said this morning.