Bloomberg News

Barclays Spain Unit Said to Draw Caixa, Banco Sabadell

June 13, 2014

CaixaBank SA (CABK) and Banco Sabadell SA (SAB) are among Spanish lenders who may bid for the Spanish consumer banking business of Barclays Plc, said two people familiar with the situation.

CaixaBank, Spain’s third-biggest bank, and Sabadell, the fifth-biggest, have expressed interest in buying the unit, said the people, who asked not to be identified by name because the information isn’t public.

Barclays, the U.K.’s second-largest lender, said last month it will create a so-called bad bank to dispose of 115 billion pounds ($195 billion) of assets, including its money-losing consumer business in continental Europe. The Spanish operation could be valued at as much as 2.2 billion euros ($3 billion), UBS AG analysts including Ignacio Sanz wrote in a May 16 report to clients.

A spokesman for Barclays (BARC) in Spain, who asked not to be identified in line with company policy, declined to comment, as did a spokesman for Barcelona-based CaixaBank. Officials at Sabadell, based in the Spanish city of the same name, weren’t immediately available.

Apollo Global Management LLC (APO:US) and Centerbridge Capital Partners LLC are looking at the business, Bloomberg News reported May 22.

Expansion newspaper reported today that Banco Bilbao Vizcaya Argentaria SA (BBVA), Spain’s second-biggest bank, had also made an offer. BBVA spokesman Paul Tobin declined to comment.

To contact the reporter on this story: Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net Mark Bentley


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Companies Mentioned

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    • $22.65 USD
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