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Barclays sells Portugal unit to Bankinter

Barclays has sold its retail banking business in Portugal to Spain’s Bankinter. This is part of Barclays’s plan to scale down its operations in less profitable markets. Bankinter is Spain’s No. 7 bank by market value. It said it would pay around €100 million, or about $113 million, for Barclays’ commercial, private and corporate banking units. The purchase is Bankinter’s second international transaction. Barclays said it would continue to operate its Barclaycard, investment-banking unit and corporate banking division that serves multinational companies. The corporate division that Barclays is selling to Bankinter serves small and midsize businesses.

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