Spain-based Caixabank is planning to place bids to acquire Barclays’ retail business in Spain, as part of its plan to boost its market presence in the country, especially in Madrid.

Speaking in an interview with the Wall Street Journal, Caixabank CEO Juan Maria Nin was quoted as saying that the lender is engaged in negotiation with Barclays.

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"We have a lot of interest," Nin added, adding that the lender has not yet started assessment of its mortgages and other loans.

According to analysts, Barclays’ retail business in Spain is currently worth up to €2.2bn (£1.7bn), representing approximately 40% of the UK lender’s western European assets.

Following takeover of Banco Zaragozano for €1.14bn, Barclays emerged as one of largest foreign-owned bank in Spain in 2003. The lender presently manages a branch network of 271 branches in the country following the divesture or closure of 161 branches in 2013.

In May this year, media sources reported that Barclays was in discussion with potential bidders over the disposal of its retail banking business in Spain.

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Three sources familiar with the development were quoted by Reuters as saying that the lender is contacting suitors with preliminary information about the Spanish unit and confidentiality agreements.

One of the sources told Reuters that Centerbridge Partners, which acquired Aktua from Santander in Spain, and Apollo Global Management, are believed to be among the potential suitors.

Additionally, Spanish banking firm Santander and BBVA as well as Bankinter might participate in bidding process for the takeover of the banking operations from Barclays.