After nearly four months of negotiations, Caixabank, Spain’s third-largest lender, has said that it will pay 800 million euro for the network of 271 branches of the British bank. Barclays Spain, saying that it wants to increase its presence in Madrid where Barclays has 103 offices.
Implementation of the agreement is scheduled for the end of this year and is subject to regulatory approval, and the final price could be adjusted based on the value of the Spanish operations’ assets at the end of the year.
The group has a total network of 271 branches and a portfolio of 550,000 customers. The deal does not include Barclays’ credit card operations in Spain, or its investment banking business.
The Barclays network will join the 5,695 Caixabank branches adding a further 2,400 employees to the present workforce of 31,574. Many analysts are now suggesting that the group will consolidate both staff and branches in coming the months, in line with other similar businesses, and the process could be now be accelerated by this acquisition. The bank predicts restructuring costs in the region of 300 million euros.
According to market sources, the Catalan Bank held intense negotiations with the British Group throughout the month of August culminating with the agreement which was announced last Sunday night.
Filed under: http://www.theleader.info/article/44788/
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