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.
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