Barclays said in a statement that has signed an agreement to sell the unit to private equity firm AnaCap Financial Partners for an undisclosed amount, having already revealed in Aprilthat the two groups were in exclusive talks.
The French division comprises a network of 74 retail branches, a life insurance business, wealth and investment management, and brokerage operations.
“This is another positive step in reducing our non-core unit, creating a more focused, simpler Barclays, and thereby releasing the strong performance of our core business,” said chief executive Jes Staley.
The lender will however continue to operate its corporate and investment banking businesses in France.
AnaCap specialises in the European financial services sector.