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.
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