Barclays has decided to sell Barclaycard, its credit card operation in Spain and Portugal to regional bank Bancopopular-e. Barclays cites shifts in its strategy as the reason for the sales. The sale of Barclaycard, which has assets worth £1 billion ($1.46 billion), will benefit it as it would reduce the bank’s adjusted assets by £900 million. Bancopopular-e, as part of the deal, would gain Barclaycard’s 800,000 customers and around 500 employees. According to Barclays CEO Jes Staley, the credit card operations in Spain and Portugal is a very good business with a highly talented and dedicated work force but no longer fits with the bank’s strategic ambitions. He said the bank is continuing to reduce its non-core exposure and costs.
