Caixabank, Spain’s third-largest bank by market capitalization, said Sunday evening in a statement that it would pay around €800 million ($ 1.05 billion) for Barclays retail-banking business in Spain. The final price will depend on Barclays Spain’s total assets at the end of the year, Caixabank said. Barclays said in a release Sunday that its Spanish units had €22.2 billion in assets and €20.5 billion in liabilities as of June 30.
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.
Caixabank already has the most bank branches of any Spanish bank, so the lender is likely to close some of the bank branches it acquires.
At its peak, Barclays had 5,100 employees and 600 offices. Now the bank has 2,800 employees and 271 offices.