CaixaBank has agreed with Barclays Bank PLC the acquisition of Barclays Bank SAU, which manages the business of retail banking, wealth management and corporate banking in the British entity in Spain, for 800 million euros. The Catalan company expects gross synergies of 150 million and restructuring costs of 300 million.
The Chairman of CaixaBank, Isidro Faine, and CEO Gonzalo Gortázar.
Caixabank explained that the final transaction price will be adjusted based on the net assets of Barclays Bank at year end. He also assured that the transaction will have a positive impact on earnings per share from the first year.
The execution of the purchase agreement is scheduled for December 2014 or January 2015 and is subject to obtaining the authorisations from relevant agencies and regulators.
The agreement excludes the business of investment banking and Barclaycard, explains the press release, adding that Barclays Bank PLC will continue to operate these businesses in Spain.
With this operation, CaixaBank, chaired by Isidro Faine, reinforces its leadership in Spain, incorporating approximately 550,000 new customers, primarily in retail banking and private and personal banking, and a network of 270 branches and nearly 2,400 employees.
Barclays Bank SAU has assets of 21,600 million euros. In June 2014, it had 18,400 million euros in net loans, 9,900 million euros in customer deposits and 4,900 million in assets under management.
"The bank recorded NPL ratio lower than the industry average and a high level of solvency, demonstrating the high quality of its assets and the good management carried out," says the press release.
Source: expansion.com; 2014-09-02
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