Barclays has completed the sale and transfer of its Spanish pension assets and liabilities to Vidacaixa, S.A.U. de Seguros y Reaseguros, a member of the Caixa Group.
As part of the agreement, 35,000 customers and c.€350m of assets under management will transfer to the purchaser. The sale also represents further progress against Barclays' cost and RWA reduction targets. Neither party will be disclosing further financial terms of the deal.
Barclays Vida y Pensiones Compañía de Seguros (BVP) provides life insurance and pension products in Spain, Italy and Portugal. BVP 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, announced earlier this month.
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 continues to operate investment banking and corporate banking for global companies in Spain.
Commenting on the sale, Harry Harrison, Co-Head of Barclays Non-Core (BNC), said: “This is another positive step in reducing the cost, operational risk and capital allocation within BNC, 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 BNC to £20bn by the end of 2017.”