Barclays has completed the sale and transfer of its Spanish pension assets and liabilities to Vidacaixa, SAU de Seguros y Reaseguros, a member of the Barcelona-based Caixa Group.
As part of the agreement, 35,000 customers and circa €350m of assets under management will transfer to Vidacaixa. Financial details of the deal were not disclosed.
The banking giant has been looking to reduces its ‘non-core’ businesses recently and this sale is the second in a matter of days, following the sale of Barclay’s Italian insurance business last week.
Barclays Vida y Pensiones Compañía de Seguros (BVP) provides life insurance and pension products in Spain, Italy and Portugal. BVP has already sold its Portuguese insurance business to Bankinter Seguros de Vida, completed in April 2016, and its Italian life insurance business to CNP Assurances, announced earlier this month.
Barclays completed the sale of its Spanish retail bank to CaixaBank in January 2015, and announced the proposed sale of its Barclaycard consumer payments business in Spain and Portugal to Bancopopular-e in April 2016.
The British lender said that it will continue to operate investment banking and corporate banking for global companies in Spain.
“This is another positive step in reducing the cost, operational risk and capital allocation within BNC, swiftly following the sale of our Italian insurance business last week,” said Harry Harrison, co-head of Barclays Non-Core (BNC).
“We are making good progress and continue to focus on our target of reducing RWAs in BNC to £20bn by the end of 2017,” Harrison said.