Barclays Bank has agreed to sell part of its Spanish business for £633m to the country’s third largest lender CaixaBank.
The sale includes Barclays’ retail, wealth management and corporate banking business in Spain.
In a statement, Caixa said the deal involved 270 branches and approximately 555,000 new clients.
Barclays is reorganising its business by cutting jobs and selling off parts of its European operations.
In May, it announced plans to cut 19,000 jobs by 2016, of which 9,000 will be in the UK, as well as to create a “bad bank”, which included its retail banking operations in Spain, Portugal, Italy and France.
The idea behind the “bad bank” was to group together businesses no longer considered central to Barclays, with a view to selling them off or listing them on the stock market, BBC informs.
