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Barclays sells its German consumer finance business to Bawag
Barclays Plc agreed to sell its German consumer finance business to Bawag Group AG as part of the British banking giant’s efforts to optimize its presence across all business lines and geographic regions.
The Hamburg-based division, formerly known as Barclaycard Germany, will change hands for a small premium over net assets, payable in cash on completion, Barclays said in a statement. Bloomberg Terminal statement on Thursday. It did not give a value for the transaction. A year ago, Bloomberg News reported that Barclays may be seeking around €500 million for the unit.