British banking giant Barclays Plc is selling its Spanish retail and corporate banking units to CaixaBank SA for about 800 million euros (US$1.1 billion).
The sale also includes the wealth and investment management business in Spain, Barclays said in a statement Sunday, Bloomberg News reported..
The deal will enable CaixaBank, Spain’s third-biggest lender, to add about 270 branches to its existing network of 5,695 and boost its client base by 550,000 to more than 14 million, according to the report.
Barclays is cutting costs, shrinking assets and eliminating jobs in a bid to boost its profitability.
The sale of the Spanish businesses will decrease risk-weighted assets by about 8 billion pounds, Barclays was quoted as saying.
– Contact us at [email protected]