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Barclays announces sale of $323 million loan portfolio in Italy

Reuters
A man hires a Barclays sponsored bicycle from a cycle rack in London August 2, 2011. REUTERS/Luke MacGregor

LONDON (Reuters) - Barclays (BARC.L) has sold 260 million pounds' worth of salary secured loans in Italy to IBL Banca, the British lender said on Wednesday, the latest disposal of assets from its 'non-core' unit that are earmarked for sale.

Barclays completed the sale of its Italian retail banking network in August, as it continues to shrink its balance sheet to focus on Britain and the United States.

Completion of the sale, which is subject to regulatory approvals, is expected to occur in the first quarter of 2017, Barclays said.

(Reporting By Lawrence White; Editing by Susan Fenton)