As part of a revamp under the new chief executive, James E. Staley, Barclays is focusing its strategy around two divisions: the British consumer bank, and the corporate and investment bank. It has agreed to sell its Barclaycard consumer finance business in Portugal and Spain to Bancopopular - e , as part of its ongoing strategy to dispose of unwanted debt . The company has assets worth £ 1bn , and the deal will result in a reduction in its risk weighted assets of £ 0.9bn , as well as removing around £ 70 m of annual costs for management , said the bank .
It has agreed to sell its Barclaycard consumer finance business in Portugal and Spain to Bancopopular - e , as part of its ongoing strategy to dispose of unwanted debt . The company has assets worth £ 1bn , and the deal will result in a reduction in its risk weighted assets of £ 0.9bn , as well as removing around £ 70 m of annual costs for management , said the bank .