AFTER four months of negotiations, CaixaBank has agreed to buy out the Barclays Bank group in Spain (Barclays España). The Catalan bank confirmed that they had paid €800 million for the group, which has a total of 271 branches around Spain. According to market sources, intense negotiations were held throughout August with the British bank and finalised on Sunday night.
The operation which is due to be completed at the end of the year, will reinforce the bank’s position in the capital of Madrid, where Barclays currently own 103 branches. According to reports, CaixaBank, which currently runs 5,695 branches in Spain and has around 550,000 clients, are hoping to attain more business within the capital itself.
The takeover will incorporate another 2,400 employees into the group, adding to the 31,574 personnel already employed by the bank, making CaixaBank one of the largest groups in Spain, alongside BBVA who recently acquired Catalunya Banc.