CaixaBank Gains Ground at the Barclays Sale

30/06/2014 – Expansion

CaixaBank takes a good position to acquire the Spanish business of Barclays as the entity chaired by Isidro Fainé has submitted the most interesting non-binding offer so far. The British bank has been even considering closing the sale, however finally it went for opening the final stage of the auction with view to receiving counteroffers and maximising the price.

Today, Barclays is bound to open the data room for the investors. Apart from the Catalonian group, also BBVA, Sabadell, Apollo, Centerbridge, Popular and Bankinter bidded for the portfolio with the two latter losing interest at the latest stage.

Barclays put up for the auction €20 billion in assets, a portfolio including 575.000 customers distributed among 260 offices, €9 billion in deposits and loans with a net value of €18 billion.

There are two drawbacks of the sale: the low profitability of the loan portfolio and the asking price of €1.5 billion set up by the group´s chairman Antony Jenkins.


Original article: Expansión (by J. Zuloaga & A. Antón)

Translation: AURA REE