The deal is subject to regulatory approval, and the final price could be adjusted based on the value of the Spanish operations’ assets at the end of the year.
On Sunday, Barclays also completed the sale of its UAE retail banking business to Abu Dhabi Islamic Bank at an estimated pre-tax gain of £119m. That transaction only included a portfolio of mortgages, unsecured credit and deposits.
“We remain on track to rebalance Barclays as part of our strategy to deliver sustainable returns for our shareholders,” said Antony Jenkins, chief executive of Barclays.
In May this year, Barclays revealed that it was considering a retrenchment from continental Europe, parking its retail businesses in France, Spain, Italy and Portugal in a “bad bank” so that they could be sold, separated or floated. Its European retail business has lost almost £2bn over the past four years. The bank also announced plans to cut 19,000 jobs, including 7,000 from its investment arm. The restructuring is to cost Barclays £800m.
The firm is refocusing on its British and African businesses, credit cards and investment banking in the UK and US.
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