Barclays Bank has wrapped up the sale and transfer of its Spanish pension assets and liabilities to a member of Caixa Group.
As part of the agreement, 35,000 customers and EUR350m of assets under management will be transferred to Caixabank-owned Vidacaixa de Seguros y Reaseguros, the British banking giant said in a statement.
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Neither party disclosed financial terms of the deal.
Barclays Vida y Pensiones Compañía de Seguros (BVP) offers life insurance and pension products in Spain, Italy and Portugal. It 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.
Barclays completed the sale of its Spanish retail bank to CaixaBank S.A. in January 2015, and announced the proposed sale of its Barclaycard consumer payments business in Spain and Portugal to Bancopopular-e in April 2016.
Barclays will continue to operate global corporate and investment banking in Spain.
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By GlobalDataCommenting on the sale, Harry Harrison, co-head of Barclays Non-Core, 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."
