Bankinter €161 million acquisition of Barclays Portuguese assets

Overview:

• Spanish bank Bankinter has acquired the Portuguese assets of Barclays.
• The bank acquired the personal, private and corporate business of Barclays for €86 million, based on an estimated net worth of €237 million. 
• Subsidiary Bankinter Seguros de Vida, a company that is 50% shared by insurance company Mapfre, also acquired its life insurance and pension assets for €75 million. 
• Bankinter has assumed control of 84 bank branches and almost a thousand employees, as well as a credit portfolio of €4.473 billion, Barclays retains its credit card business.
• This is the first time that a Portuguese bank and its different assets have been transferred in this way and Barclays operated through a local branch under EU passport rule which added another dimension of complexity.
• This transaction shows the continued interest in the Portuguese banking sector from Spanish banks as they look to take advantage of its slow economic recovery.

John Crabb - Journalist