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Barclays Agrees to Sell German Consumer Finance Business to Austria's Bawag

·1 min

Barclays has agreed to sell its German consumer finance business to a subsidiary of Austrian bank Bawag Group. The sale is part of Barclays’ plan to simplify its business. The British lender’s Hamburg-based Consumer Bank Europe, which provides retail banking services in Germany and Austria, will be bought at a small premium to net assets. The payment will be made in cash upon the completion of the deal.