A logo outside a Barclays Plc bank branch in Woolwich, London, UK, on Friday, Feb. 9, 2024. Barclays PlcÂ said it will acquire much ofÂ Tesco Plcâ€™s banking business as the lender seeks to establish a greater foothold in retail banking in the UK.Â Photographer: Chris J. Ratcliffe/Bloomberg

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Barclays said its Hamburg-based Consumer Bank Europe — which offers diversified retail banking services to the German and Austrian markets — will be bought for a small premium to net assets

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Barclays agreed to sell its German consumer finance business to a subsidiary of Austrian bank Bawag Group as it continues with its plan to simplify its business.

The British lender on 4 July said that its Hamburg-based Consumer Bank Europe — which offers diversified retail banking services to the German and Austrian markets — will be bought for a small premium to net assets which will be paid in cash when the deal closes.

Barclays agrees to sell German consumer finance business to Austria’s Bawag

Barclays Consumer Bank Europe had $5bn in gross assets, mostly from card and loan receivables

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