Caixa Bank, the 3rd biggest bank of Spain by capitalization is to buy the Spanish operations of Barclays for £800 million ($1.1 billion) as it undergoes a major restructuring, says Barclays.
This sale is inclusive of corporate banking businesses, wealth and investment management and retail banking businesses in Spain.
In a statement, Barclays said that 262 branches and 2,400 staff would transfer to CaixaBank after the completion of the deal, by this year end.
Major restructuring is undertaken by British Bank for shrinking its operations and it is expected that around 19,000 jobs would be seen axed across the group over the next 2 years. Barclays said that the sale of the United Arab Emirates retail banking business to the Abu Dhabi Islamic Bank was completed for an amount of £119 million.
Antony Jenkins, the Chief Executive of Barclays Group, said that “I am pleased to be announcing further progress on Barclays Non-Core asset reductions through the transactions announced today. We remain on track to rebalance Barclays as part of our strategy to deliver sustainable returns for our shareholders,”
He takes this opportunity of thanking the colleagues in Wealth and Investment Management businesses, Corporate Banking and Spanish Retail Banking in the UAE for the professionalism and hard work that is shown by them over the years.
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