NEWS

One of the giants of the banking sector, Barclays, has announced that it will sell its Irish insurance business.

The company declared earlier today that Barclays Insurance (Dublin) Designated Activity Co. and Barclays Assurance (Dublin) Activity Co. will both be sold to Monument Re Ltd for an undisclosed sum.

The units were used to provide underwriting services for both income protection policies and payment protection policies, which Barclays stopped selling between 2010 and 2012.

“This sale marks another step forward for Barclays Non-Core as we continue to manage down costs and risk-weighted assets, and simplify the activities of the Group more broadly,” commented Harry Harrison, head of Barclays Non-Core.

The sale includes 500,000 remaining policies and related licences – with the financial services company stating that it will maintain any PPI-related risks linked to the portfolio.

The company has been reducing a host of non-core assets in recent years, including the sale of its Spanish business, Egyptian operations and Italian retail assets.

The sale of the Irish insurance business is expected to be completed during the first quarter of 2017, subject to regulatory approval.