Catalonian CaixaBank will buy Barclays’ Spanish arm for just €800m (£630m), taking control of 250 branches and more than half a million client accounts in the process.
Many of these new customers fall into the wealthy bracket, with deposits of over €100,000, according to CityAM.
CaixaBank, which is Spain’s third largest lender after the far larger Banco Santander and BBVA, is to purchase Barclays’ retail and corporate banking as well as its wealth and investment management businesses.
Despite making a £500m financial loss on the sale, the deal will cut Barclays’ leverage exposure by £15 billion. The bank’s shares shot up 0.45% following the announcement this morning.
A total of US$4.88 trillion of debt has been sold so far this year reports Dealogic, close to the level of 2007 when US$4.91 trillion of bonds were issued over the same period.
The German industrial gases group has ended talks with its US peer on a potential union to establish a market leader.
The US exchange said it will introduce incentives from next month to make lower-volume exchange traded funds easier to buy and sell.
A survey of 1,000 merger and acquisition dealmakers finds that seven in 10 expect Brexit uncertainty to limit the number of deals.