The acquisition will allow CaixaBank to add around 550,000 new customers from the retail banking and private and personal banking divisions in Spain, and expand its presence in the country with a network of 270 branches and around 2,400 employees.
CaixaBank chairman Isidro Fainé said: "The acquisition will bring a very qualified, professional team focused on providing a high quality service to its customers, which is a goal that it has in common with CaixaBank, whose business model is based on a large network of branches and personalized advisory services tailored to each customer’s needs."
The deal, however, does not include Barclays’ Spanish investment banking and Barclaycard assets.
Barclays CEO Anthony Jenkins said: "We announced Barclays’ strategy update in May this year, creating the Barclays Non-Core cluster containing, amongst others, our Spanish retail banking business.
"We were clear that this business, while not central to Barclays’ strategy, could be attractive to another owner, and today’s announcement reflects that perspective."
The transaction, which is subject to approvals from regulatory and competent agencies, is scheduled to close by the end of this year.
The acquisition came a couple of days after CaixaBank had awarded a €500m deal to Fujitsu for manufacturing and deploying 8,500 contactless cash machines in Spain.
Image: CaixaBank chairman Isidro Fainé (left) and CEO Gonzalo Gortázar. Photo: courtesy of CaixaBank.
