CaixaBank to Acquire Spanish Assets of Barclays For €800 Mn

CaixaBank has come to an agreement with Barclays Bank PLC on acquisition of Barclays Bank SAU, managing its retail, corporate banking and wealth in Spain. The Catalonian entity pledged paying €800 million and expects to earn on the synergy gross €150 million and spend another €300 million in restructuring.

The final price will depend on the net asset value of Barclays Bank estimated at the end of the year, when the transaction is due to close.

The deal does not include the investment banking and Barclaycard which will remain in managing hands of Barclays in Spain.

CaixaBank can now reinforce its lidership in Spain as the operation involves 550.000 new clients from retail and private banking, a network of 270 offices and around 2.400 employees.

Barclays Bank SAU owns a  €21.6 billion worth of assets. By the end of June, it has possessed €18.4 billion in net loans, €9.9 billion in deposits and €4.9 billion in managed assets. Its default rate posts below the sectors average.

Apart from these qualities, CaixaBank is going to gain a highly-skilled team of experts. The CEO of the bank, Gonzalo Gortazar remarked that the purchase would drive up its personal and private banking in Spain with a special focus on advisory and overall organic growth.

In May, Barclays announced an intention to sell its non-core business that included the retail affiliate in Spain. The groups CEO Anthony Jenkins assures the bank will continue its activity in the country, putting geater pressure on Barclaycard as presently Barclayss offer has got at a competitive advantage.

Original article: Expansión
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