Barclays Plc (BCS) has released an update.
Barclays PLC has announced plans to sell its performing Italian mortgage portfolio, valued at approximately €3.3 billion, to streamline its business and focus on key growth areas. The sale, expected to be completed in the second quarter of 2024, will be financed through a securitization strategy, with certain notes being purchased by GoldenTree Asset Management LP. The transaction is anticipated to be neutral to Barclays’ CET1 ratio, while releasing around €0.9 billion of risk-weighted assets, despite expecting a pre-tax loss of roughly €260 million for the year.
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