Caixa Bank Buys Barclays

Caixa Bank buys out 262 Barclays branches here in Spain for the sum of 820 million Euros. Barclaycard and Barclays investments will remain with the British side of the group but CaixaBank will now handle its retail side for 555,000 customers who bank with Barclays here in Spain. The price was agreed upon as at the end of 2014 Barclays assets stood at around 1.71 billion Euros.

Isidre Fainé who is CaixaBanks CEO intends to carry out a restructuring programme of the payroll of its 2,400 staff and it is not known if this means relocations or redundancies.At the second quarter of 2014 Barclays Spain had 8.4bn Euros in loans, 9.9bn Euros on deposit and was handling customer assets of 4.9bn Euros.Customers will not notice any changes as Barclays will retain its branding but with a sub-heading on branch offices referring to the CaixaBank group, and they will also have the use of CaixaBanks cashpoints without paying commission.


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