Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Barclays sells Spanish wealth management business

Barclays sells Spanish wealth management business

Barclays has agreed to sell much of its operations in Spain – including wealth management, retail and corporate banking divisions – to local lender CaixaBank for £633 million.

Caixa, the third largest lender in Spain, said that the deal included 270 branches and around 555,000 clients. Barclays is currently restructuring its continental banking business.

In a statement issued in May the bank said 10,000 of the 19,000 jobs it plans to cut by 2016 will be outside the UK, while retail banking operations in Spain, Portugal, Italy and France would be placed in a ‘bad bank’.

‘Under the ownership of CaixaBank, a leader in retail banking in Spain, these businesses will have a greater opportunity to grow and thrive,’ said Barclays chief executive Antony Jenkins.

‘We were clear [in our update in May] that this business, while not central to Barclays' strategy, could be attractive to another owner - and today's announcement reflects that perspective.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter