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Barclays Considers Waiving the Sale of Its Spanish Business

3/07/2014 – Expansion

Barclays is weighting up the possibility of suspending the sale of its business in Spain and bring its important plan to an end – reduction of network to focus on service to medium-high and high income customers. The asking price was much lower than expected by the bank and it does not seem eager to accept the received non-binding offers.

The “plan B” forged by the exectuives of Barclays España assumes saving the Spanish branch but in much smaller size and betting for the clients that by now have not represented a big group. Thus, many offices would be closed and employees dismissed.

Moreover, they complain that the news on selling the affiliate caused a significant loss in the number of customers of the bank in Spain.

The British bank has gone so far in the plans that the bidders yet have not been given the sales books for analysis. Final sale excluded the investment, cooperative and private banking and the credit card segment.

 

Original article: Expansión (by Salvador Arancibia)

Translation: AURA REE