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Private equity firm AnaCap Financial Partners is set to buy Barclays‘ banking business in France.

Founded in 2005, AnaCap invests primarily in the European financial services sector.

According to AnaCap, the objective of this acquisition is to become a leader in independent financial management in the French sector, relaunch mortgage lending, and improve digital and IT systems in the banking unit.

The equity firm also said that “the retail banking and wealth business operations are focused on the affluent segment, and face a large and rapidly growing addressable market … with an expected CAGR (revenue growth) of 4 percent through to 2020.”

The terms of the acquisition were not disclosed.

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ANACAP FINANCIAL PARTNERS LLP

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