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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.’

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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