CaixaBank and Barclays Bank PLC agreed the acquisition of Barclays Bank SAU, which manages the retail, wealth management and corporate banking businesses of the British bank in Spain for EUR 800 million. The final price will be adjusted according to the net asset value of Barclays Bank SAU at the end of the year.
The execution of the sales agreement is scheduled for the end of the year and is subject to obtaining authorisation from the competent agencies and regulatory entities. The agreement excludes Barclays’ Spanish investment banking business and Barclaycard. Barclays Bank PLC will continue to operate these businesses in Spain.
As a result of this transaction, CaixaBank, which is chaired by Isidro Fainé and led by the CEO Gonzalo Gortázar, will consolidate its leadership at Spain, with approximately 555,000 new clients, mainly from the retail and private and personal banking businesses, and a network of 270 branches and approximately 2,400 employees.
Barclays Bank SAU has assets of EUR 21,600 million. At June 2014, it had net loans worth EUR 18,400 million, customer deposits of EUR 9,900 million and assets under management of EUR 4,900 million. The financial institution has a default ratio below the average in the sector and an increased solvency rate, demonstrating the high quality of its assets and its sound management.
