Barclays is reportedly looking out for prospective buyers to divest its Spanish retail bank business, as part of its plan to refocus on profitable businesses elsewhere.

Sources familiar with development were quoted by Reuters as saying that the local peers and private equity firms might express interest to acquire certain parts of the retail banking business.

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While outlining a major restructuring strategy earlier this month, the British bank had said that it may eliminate approximately 19,000 jobs to concentrate on its African businesses, investment banking in the UK and US, and credit cards.

Furthermore, the lender said that it will create a ‘bad bank’ and transfer Spanish, Italian, French, and Portuguese retail banking operations in it, which could be sold, separated or floated, according to the publication.

Two banking sources familiar with the process told Reuters that Barclays is contacting potential bidders with preliminary information about the Spanish unit and confidentiality agreements, adding no formal auction was yet underway.

"Everyone knows all (the European businesses) are for sale, but Spain seems to be priority or the one getting interest," one banker added.

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Three sources said that private investment firms, such as Centerbridge Partners, and Aktua from Santander in Spain are expected to compete for the retail network.

Apollo Global Management, which has acquired Spain’s small Evo Banco, as well as Santander, BBVA and Caixabank, might also emerge as potential suitors, the person told the news agency.