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Share Price Information for Barclays (BARC)

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Share Price: 204.90
Bid: 205.25
Ask: 205.35
Change: 2.90 (1.44%)
Spread: 0.10 (0.049%)
Open: 203.75
High: 205.70
Low: 202.05
Prev. Close: 202.00
BARC Live PriceLast checked at -

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Caixabank considers offer for Barclays Spanish business - report

Thu, 12th Jun 2014 16:24

MADRID, June 12 (Reuters) - Caixabank isconsidering making an offer for Barclays' retailbusiness in Spain, which analysts value at up to 2.2 billioneuros ($3 billion), the Spanish lender's chief executive officertold the Wall Street Journal.

Caixabank has been among the most acquisitive banks duringthe financial crisis, snapping up bailed-out peers to increaseits market share across Spain.

"We have a lot of interest," said Caixabank CEO Juan MariaNin in an interview posted on the newspaper's website onThursday, adding the Barcelona-based lender was in talks withBarclays but had not yet begun an analysis of its mortgages andother loans.

Caixabank is also interested in fellow Catalan bankCatalunya Caixa, nationalised in 2012, said Nin. The state putthe bank up for auction earlier this month and bidders haveuntil July 14 to submit binding offers.

Barclays in May outlined a major restructuring and as manyas 19,000 job cuts as it refocuses on its British and Africanbusinesses, investment banking in the UK and United States, andcredit cards.

It will park its retail banking operations in Spain, Italy,France and Portugal in a "bad bank", and these will be sold,separated or listed on the stock market.

Banking sources told Reuters last month that Barclays wascontacting potential bidders with preliminary information aboutthe Spanish unit and confidentiality agreements.

Private investment firms and Spain's top banks Santander, BBVA and Caixabank would be among thoseapproached, people familiar with the matter said. Theacquisition of Barclays' offices would bolster Caixabank'smarket share in Madrid, Nin told the Wall Street Journal.

Barclays expanded rapidly in Spain, including the 1.1billion euro purchase of Banco Zaragozano in 2003, but hitproblems from big losses on corporate loans and the recession.The bank's European retail business has lost almost 2 billionpounds ($3.4 billion) over the last four years.

Barclays shut or sold 161 branches in Spain last year,reducing the network by more than a third to 270. Aboutone-third of staff were cut, leaving roughly 2,100 in thebusiness.($1 = 0.7345 Euros) (Reporting By Sonya Dowsett; Editing by Elaine Hardcastle)

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