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Caixa Bank to buy Barclays’ Spanish biz

img_0207Caixabank, Spain’s third largest bank, is buying Barclays’s retail banking division in Spain. Caixabank said in a statement it would pay around €800 million ($1.05 billion) for the business.. The final price will depend on Barclays Spain’s total assets at the end of the year. Barclays said its Spanish units had €22.2 billion in assets and €20.5 billion in liabilities as of 30 June. The sale, which also includes Barclays wealth and investment management and corporate-banking divisions in Spain, is expected to close at the end of this year and is subject to regulatory approval. Caixabank’s purchase doesn’t not include Barclays investment-banking division in Spain. With the sale, Caixabank acquires around 550,000 new retail and private banking clients, 270 bank branches and 2,400 employees.

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