Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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 Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter