Spain’s CaixaBank has agreed to acquire Barclays’ retail, wealth management and corporate banking businesses in Spain in a deal worth EUR800 million.
The acquisition will add 270 branches and 550,000 new clients to CaixaBank, together with assets worth EUR21.6 billion and approximately 2,400 employees.
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As part of the deal, CaixaBank will acquire Barclays Bank SAU, which includes the retail, wealth management and corporate banking businesses of the British bank in Spain.
However, the sale does not include Barclays’ Spanish investment banking business and Barclaycard.
Subject to regulatory approval, the transaction is expected to close at the end of 2014.
Following the deal, CaixaBank will consolidate its leadership in Spain, which is chaired by Isidro Fainé and headed by the CEO Gonzalo Gortázar.
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By GlobalDataAdditionally, Barclays intends to see 19,000 jobs cuts across the group over the next two years.
CaixaBank CEO Gonzalo Gortázar said that acquisition will also expand CaixaBank’s personal and private banking businesses in Spain, increase its counseling offer to customers as well as promote organic growth due to the improving economic context.
Isidro Fainé, chairman of CaixaBank, said: "The acquisition will bring a very qualified, professional team focused on providing a high quality service to its customers. The union of both banks will give Barclays Bank and la Caixa customers an improved service and a wide range of products."
Anthony Jenkins, Group CEO of Barclays, said: "We announced Barclays’ strategy update in May this year, creating the Barclays Non-Core cluster containing, amongst others, our Spanish retail banking business."
