Hong Kong's financial chief John Tsang has resigned in preparation for a run at the city's chief executive position, Bloomberg reports. Current chief executive Leung Chun-ying has announced that he will not seek another term, leaving the field open for the selection process next March. Tsang, 65, has been the city's finance chief since 2007. He enjoys a high approval rating. A study by MasterCard indicates that 138 million Europeans are cut off from the formal banking sector, challenging common perceptions, Finextra reports. A third of those without a bank account or payment card in Europe are employed, while 35 per cent are in the tech-toting millennial age bracket. The research suggests the main reasons behind the absence of a full bank account or banking services are a lack of knowledge, and mistrust of the banking sector. One in five (20 per cent) do not want a bank account at all and a further ten per cent say they do not trust banks with their money. European private equity firm, AnaCap Financial Partners, is to acquire Barclays French retail banking operations. This includes the entire Barclays branch network, life insurance business, wealth and investment management and brokerage operations, subject to regulatory approval. This caps off an exclusive consultation period that began in May. AnaCap aims to build Barclays' client base, network and relationship managers into the leading independent wealth manager in France. Plans include the relaunch of the mortgage lending proposition to attract and retain clients; improving the digital proposition and online tools to create a better customer experience; enhancing the product offering; and a complete re-platforming of the IT system to drive efficiency.