Spanish News | Barclays Sells Out to CaixaBank

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Spain has 271 branches of the British high street bank Barclays and 14 of them are in Valencia .The sale also includes its wealth management and corporate banking business .However it retains its Spanish credit card operations and the investment banking business . The deal gives CaixaBank a potential 555,000 new clients and the opportunity to make its presence in Madrid much stronger , where Barclays had 131 branches . Barclays announced in May that it was seeking to reorganise its banking operations in Spain , Portugal ,Italy and France , selling off businesses no longer seen as central .It also announced plans to get rid of 19,000 employees .Nine thousand are facing the axe in the UK . Barclays Chief Executive said that Barclays felt that although the business in Spain wasn´t ” central ” to them , it could be to someone else and that has proved to be the case . Caixa is a leader in retail banking in Spain and Barclays feels that the business will thrive under them .Barclays will join the Spanish banks existing network of 5,695 offices and will add 2,400 employees to the 31,574 that are currently working for them . Caixa feels that this acquisition is going to strengthen the services that it provides to its customers . Check Out The Full Indepth Details Here: Spanish News | Barclays Sells Out to CaixaBank

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