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8/26/2016, 8:55 AM (Source: TeleTrader)
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Barclays to sell Italian, Egyptian businesses

Barclays Plc is expected to announce at least one sale of its assets within days, in an attempt to strengthen its capital by £35 billion by selling unwanted assets by the end of 2017, according to unnamed sources quoted by the Wall Street Journal.

The bank is closing the deal to sell its Italian retail business with 400 employees, to get rid of £500 million of risk-adjusted assets. It will go to CheBanca, a part of Mediobanca Banca di Credito Finanziario SpA but Barclays might end up with loss of £200 million.

WSJ also hinted that Barclays is at advanced discussions to sell its franchise in Egypt.

Barclays sold its Risk Analytics and Index Solutions Ltd. business to Bloomberg for approximately £615 million on August 24.

The bank reported 21% lower profit in the half-year period ending in June, and chief executive Jes Staley promised to lift return of equity from current 4.8% to a double-digit range.

Barclays stock declined 24.92% so far this year, and shares in London last closed at 164.35p, while NYSE-listed shares last traded 1.14% lower at $8.67 on Thursday's close.

Breaking the News / ZR