Mediobanca said in a statement that under the deal CheBanca! would acquire 89 branches from Barclays with 220,000 clients, residential mortgage loans worth 2.9 billion euros and 620 staff.
As part of the transaction, Barclays will pay CheBanca! 237 million euros ($250 million).
The deal has a 20-basis point negative impact on Mediobanca's capital which the bank said will be gradually recovered from earnings growth post-integration.