Advertisement
UK markets closed
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • FTSE 250

    19,884.73
    +74.07 (+0.37%)
     
  • AIM

    743.26
    +1.15 (+0.15%)
     
  • GBP/EUR

    1.1713
    +0.0019 (+0.16%)
     
  • GBP/USD

    1.2622
    +0.0000 (+0.00%)
     
  • Bitcoin GBP

    55,756.56
    +228.92 (+0.41%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CRUDE OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD FUTURES

    2,254.80
    +16.40 (+0.73%)
     
  • NIKKEI 225

    40,369.44
    +201.37 (+0.50%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • CAC 40

    8,205.81
    +1.00 (+0.01%)
     

Barclays sells Portugal assets to Spain's Bankinter for 175 mln euros

Sept 2 (Reuters) - Barclays Plc (LSE: BARC.L - news) said on Wednesday it would sell its Portugal-based non-core assets to Spain's Bankinter SA for about 175 million euros ($197.47 million), as part of chairman John McFarlane's turnaround plan to sell assets and cut costs.

The sale includes such assets as retail banking, wealth and insurance management businesses and part of the corporate banking businesses. The price for those assets will be 100 million euros.

Barclays will also sell its insurance business for 75 million euros to Bankinter (Amsterdam: BI6.AS - news) 's subsidiary Bankinter Vida, which operates an insurance joint venture with Mapfre SA (Xetra: CMAB.DE - news) .

After completing these transactions, Barclays expects a reduction of about 1.7 billion pounds ($2.60 billion) of risk- weighted assets. The bank also expects to incur a loss of about 200 million pounds after tax, part of which will be recorded in third quarter of 2015.

ADVERTISEMENT

About 1,000 Barclays banking and insurance employees and 84 branches are expected to be transferred to Bankinter and Bankinter Vida.

The bank said it would continue to operate Barclaycard, investment banking and multinational corporate banking in Portugal.

($1 = 0.6532 pounds) ($1 = 0.8862 euros) (Reporting by Rama Venkat Raman in Bengaluru, editing by Larry King)