Spain/Portugal: Barclays sells Spanish credit card unit to Bancopopular-e

Bancopopular-e, Spanish bank Banco Popular’s e-banking sister unit, has announced its purchase of Barclay Bank’s credit card unit in Spain and Portugal. The move will allow the bank to grow by around 800,000 new customers, while also extending their credit and business model operations to Portugal for the first time.

Barclays has shed the unit, valued at around 1 Billion pounds in assets, which it considers out of line with the banking group’s wider strategy. Barclay’s spokesman, Jes Staley, believes the agreement will allow the bank to trim its presence in non-key businesses, hoping to cut back around 20 billion by the end of 2017.

Bancopopular-e’s CEO, Iñaki Perkins, has said the purchase will allow the bank to accelerate growth in Spain and Portugal, consolidating their position as credit specialists. The move also strengthens the bank’s position in the consumer finance sector, securing their position both in Spain and Portugal by purchasing a solid platform.

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