Britain's Barclays to sell Spanish assets to Caixabank

Britain's Barclays (BARC.L) is selling its Spanish retail and corporate banking operations to Caixabank (CABK.MC), the two lenders said on Sunday, as it continues a major restructuring and shrinks some of its struggling European divisions. Caixabank, Spain's third-biggest lender and one of the most acquisitive banks in the country during the recent financial crisis, said it would pay 800 million euros ($1.05 billion) for the Barclays businesses. The deal also includes wealth management operations and Caixabank said the final price would depend on the net asset value of Barclays Bank in Spain by the end of the year, when the transaction is due to close. Barclays is in the midst of a major turnaround plan involving thousands of job cuts and the closure or sale of business it now considers non-core as it tries to lift profitability.

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