CaixaBank buys out Barclays in Spain
Sunday, January 4, 2015 @ 11:28 PM
HIGH-STREET bank La Caixa has bought out the Spanish arm of UK firm Barclays for the sum of €820 million.
This means CaixaBank will take over the 262 branches of Barclays and its 555,000 customers in Spain, handling its retail banking.
BarclayCard and Barclays investment banking will remain in the hands of the British-based arm of the company.
The price is based upon Barclays’ closing assets for 2014, standing at €1.71 billion.
CaixaBank, whose CEO is Isidre Fainé, intends to carry out a ‘restructure’ of the payroll, of 2,400 employees.
It is not known whether this will mean redundancies or relocations, or merely re-ordering of teams and roles.
As at the second quarter of 2014, Barclays Bank Spain had €8.4bn in loans, €9.9bn on deposit and was handling customer assets of €4.9bn.
Read more at thinkSPAIN.com