Barclays to Sell Retail and Corporate Bank Units to CaixaBank of Spain
Barclays said on Sunday it had agreed to sell its retail and corporate banking business in Spain to CaixaBank for 800 million euros, or $1.05 billion, the latest development in the British bank’s plan to streamline itself by selling noncore businesses.
While Barclays was profitable in its most recent quarter, the British bank has continued to struggle with a host of large fines and regulatory issues both at home and in the United States.
The sale of the Spanish unit includes retail banking, wealth and investment management and corporate banking businesses. It does not include investment banking or credit card operations.
Barclays also said on Sunday it would record a gain of around 119 million pounds, or $197 million, after completing the sale of its retail business in the United Arab Emirates to Abu Dhabi Islamic Bank.
“I am pleased to be announcing further progress on Barclays non-core asset reductions through the transactions announced today,” Antony Jenkins, Barclays group chief executive, said in a statement in London on Sunday. “We remain on track to rebalance Barclays as part of our strategy to deliver sustainable returns for our shareholders.”
Source: NYT
