Barclays on track for deals bonanza to lighten its balance sheet: WSJ

U.K. banking giant Barclays is on track to close several deals in coming weeks dedicated to lighten its balance sheet, the Wall Street Journal reported Thursday.

Barclays was not immediately available for comment.

Barclays is set to sell its Italian retail business and its Iberian credit cards unit, the newspaper said, citing an unnamed person. It is also in “advanced discussion with two bidders for its Egyptian franchise,” the person said.

This comes as the bank pares back its global footprint amid regulatory pressure and ultra-low interest rates. In May, it began selling down its stake in Barclays Africa.

On Wednesday, it completed the sale of Barclays Risk Analytics and Index Solutions to Bloomberg for around £615 million ($812 million).

Barclays CEO Jes Staley has pledged to sell the bank’s non-core business as quickly as possible and is set to sell its Asian wealth business this year.

Source: Reuters