Barclays Bank has wrapped up the sale of its retail banking, wealth and investment management and a part of its corporate banking operations in Portugal to Spain’s Bankinter.

It has also closed the sale of its Portuguese insurance business to Bankinter Vida that runs an insurance joint-venture with Mapfre.

As part of the deal, 84 branches along with about 1,000 banking and insurance employees of Barclay have migrated to Bankinter and Bankinter Vida.

Barclays co-head of non-core Harry Harrison said: "Completing the sale of Barclays’ retail, wealth, insurance and part of the corporate banking business in Portugal today demonstrates further progress towards our target of managing down Risk Weighted Assets in Barclays Non-Core to around £20bn by the end of 2017. The sale is also expected to reduce BNC annualised costs by £72m."

The sale of these Portuguese non-core assets leads to a further reduction in risk weighted assets of about £1.8bn, the British lender said in a statement.

Barclays will however, continue to run its Barclaycard division, as well as investment banking and multinational corporate banking operations in Portugal.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.