Barclays has agreed the sale of a portfolio of largely non-performing, unsecured consumer Italian loans, ahead of the closure of its non-core arm in June 2017.
The portfolio forms part of Barclays non-core and has a nominal value of circa €190m (approximately £165m) of gross receivables.
The loan book will be acquired by SME lender Banca IFIS, which is also a leader in the Italian non-performing loans (NPL) market.
"This operation is new as it is the first time we have purchased a portfolio containing both non-performing and performing loans,” said Andrea Clamer, head of Banca IFIS's NPL area.
“In a market with increasingly lively dynamics, where the choice to dispose assets is now considered a primary strategic option, we continue to evaluate all possible transactions in line with our strategic pillars which are the right profitability for the risk taken on and balanced capital absorption."
This announcement follows the sale of Barclays' Italian retail banking network to CheBanca! in August 2016.
Barclays continues to operate its investment banking and corporate banking business in Italy.
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