LONDON—U.K. bank Barclays PLC said on Thursday that it has agreed to sell its 89 Italian retail business to CheBanca!, part of Italian banking group Mediobanca Banca di Credito Finanziario SpA.

The financial impact of the transaction depends on the balance sheet of the business at the time the deal closes and on foreign exchange movements. Barclays estimates the sale will reduce its risk-weighted assets by about £ 800 million ($1.2 billion).

"This transaction is further evidence of the reshaping of Barclays Group to focus on our core businesses," it said.

Barclays will continue to operate investment banking and corporate banking in Italy.

Write to Rory Gallivan at rory.gallivan@wsj.com

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(END) Dow Jones Newswires

December 03, 2015 02:55 ET (07:55 GMT)

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