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Barclays in talks to sell Portugal retail bank to Bankinter -source

Reuters - UK Focus

By Pamela Barbaglia

LONDON, July 24 (Reuters) - Barclays Plc (LSE: BARC.L - news) is in exclusive talks to sell its retail banking business in Portugal to Spain's Bankinter, a person familiar with the matter said on Friday.

Two sources said Barclays had accelerated the sale of its retail businesses in Portugal and Italy, as it tries to speed up its turnaround plan under new Chairman John McFarlane.

The sources said the talks to sell its business in Portugal, where Barclays has 85 branches, were more advanced than talks to sell in Italy, where it has 90 branches. The Portuguese sale is likely to exclude Barclays' investment banking and credit card operations in the country. (Additional reporting by Steve Slater and Sarah White; Editing by Alexander Smith)