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Barclays divests Spanish pension assets to Vidacaixa

BBR Staff Writer Published 13 June 2016

British banking and financial services company Barclays has sold its Spanish pension assets and liabilities to Vidacaixa, a unit of Caixa Group as part of its strategy to sell its non-core assets.

Barclays Head Quarters, UK

As part of the deal, the London based lender will transfer about 35,000 customers and £274m of assets under management.

Both the companies have not disclosed the financial details of the deal however Barclay's said that the offloading of assents is part of its strategy to reduce cost and RWA.

Barclays Non-Core co-head Harry Harrison said: "This is another positive step in reducing the cost, operational risk and capital allocation within Barclays Non-Core, swiftly following the sale of our Italian insurance business last week.

"We are making good progress and continue to focus on our target of reducing RWAs in Barclays Non-Core to £20 billion by the end of 2017."

Barclays had offloaded its Spanish retail banking business, Barclays Bank S.A.U to CaixaBank in January 2015.

Barclays Bank S.A.U, the company's Spanish subsidiary is involved in retail banking, wealth and investment management.

In April 2016, the lender announced to sell its Barclaycard consumer payments business in Spain and Portugal to Bancopopular-e.

However, it will continue to operate corporate and investment banking business in Spain.

Barclays Vida y Pensiones Compañía de Seguros (BVP) sells life insurance and pension products in Spain, Italy and Portugal.

BVP has already sold its sale of its insurance business in Portugal to Bankinter Seguros de Vida in April 2016.

Earlier this month the company announced to sell its Italian life insurance business to CNP Assurances.

As part of its non-core asset disposal strategy, Barclays Bank agreed to sell its wealth and investment management (WIM) business in Singapore and Hong Kong to Bank of Singapore, a subsidiary of Oversea-Chinese Banking Corporation Limited (OCBC Bank).

Image: Barclays Bank HQ, Docklands, London. Photo courtesy of Secretlondon/Wiki