Barclays Sounds Out Potential Purchasers of Its Spanish Business

23/05/2014 – El Economista

Barclays starts to investigate possibilities for the looming sale of its Spanish branch. The potential buyers are both banks and private equity funds, as sources with knowledge of the negotiations say.

Earlier this month, the British entity announced liquidation of 19.000 work places within the three upcoming years as well as creation of its own “bad bank” to focus on activity in the United Kingdom and the United States.

Apart from Spain, where assets seem to have the selling priority, Barclays wishes to shed its affiliates in Italy, France and Portugal, along with several company assets and the credit card business.

According to the same sources, among the potential buyers might stand Centerbrige Partners or Apollo Global Management, as well as Spanish entities like Santander, BBVA, Caixabank or Bankinter.

Next week, Barclays will specify which assets precisely are up for sale. 

The British bank closed or sold 161 affiliates in Spain last year, until leaving 270 offices, and cut in staff by 30% to 2.100 employees. Barclays also sold several offices of small savings banks, such as 14 units of Caja Rural Castilla-La Mancha shed in October.


Original article: El Economista

Translation: AURA REE