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Name | Symbol | Market | Type |
---|---|---|---|
Barclays PLC | NYSE:BCS | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.03 | 0.29% | 10.27 | 10.43 | 10.2201 | 10.29 | 19,280,474 | 01:00:00 |
By Jeannette Neumann
MADRID-- Barclays PLC has sold its Portuguese retail banking business to Spain's Bankinter SA, as the British bank scales back its presence in less profitable markets.
Bankinter, Spain's No. 7 bank by market value, said it would pay around EUR100 million, or about $113 million, for Barclays' commercial, private and corporate banking units. The purchase is Bankinter's second international transaction in its history, as small Spanish banks increasingly look abroad to counterbalance sluggish loan demand at home while battling rock-bottom interest rates.
Barclays isn't completely exiting from Portugal. It said it would continue to operate its Barclaycard, investment-banking unit and corporate-banking division that serves multinational companies. The corporate division that Barclays is selling to Bankinter serves small and midsize businesses.
The sales are part of a global retrenchment by the British bank as it seeks to shed less profitable units in its vast banking business.
The sale is likely to trigger a loss after tax of around GBP200 million, or about $306 million, for the British bank, part of which will be booked in the third quarter, it said.
"I am pleased to be announcing further reductions in Barclays noncore through the transactions announced today," Barclays Executive Chairman John McFarlane said in a statement.
With the sale, Bankinter is acquiring 84 bank branches in Portugal and 1,000 employees, the Spanish bank said in a regulatory filing.
A unit jointly owned by Bankinter and Spanish insurer Mapfre SA is also buying Barclays' life insurance and pension unit for around EUR75 million.
About a year ago, Barclays sold its Spanish retail banking division to Spain's Caixabank SA.
Write to Jeannette Neumann at jeannette.neumann@wsj.com
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(END) Dow Jones Newswires
September 02, 2015 16:10 ET (20:10 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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