CaixaBank to buy Barclays Spain operations

Monday 01 September 2014 08.04
Barclays said 2,400 staff and 262 branches would transfer to CaixaBank once the deal is completed
Barclays said 2,400 staff and 262 branches would transfer to CaixaBank once the deal is completed

Spain's third-biggest bank by capitalisation CaixaBank is to buy Barclays' Spanish operations for €800m as the British bank undergoes major restructuring, Barclays said. 

The sale includes Barclay's retail banking, wealth and investment management and corporate banking businesses in Spain. 

In a statement, Barclays said 2,400 staff and 262 branches would transfer to CaixaBank once the deal is completed, likely around the end of the year. 

The UK bank is undertaking a major restructuring to shrink its operations that is expected to see 19,000 jobs axed across the group over the next two years. 

Barclays said it had also completed the sale of its United Arab Emirates retail banking bisiness to Abu Dhabi Islamic Bank for €150m. 

"We remain on track to rebalance Barclays as part of our strategy to deliver sustainable returns for our shareholders," said the bank's group chief executive Antony Jenkins.