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Barclays to sell consumer payments biz in Portugal, Spain

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Barclays to sell consumer payments biz in Portugal, Spain

agreed to sell itsBarclaycard consumer payments business in Portugal and Spain to as part ofits strategy to focus on scale businesses in core territories.

Thebusiness, which became part of Barclays' noncore division in March, comprisesapproximately £1.0 billion in assets. The bank said April 28 that the businessis being sold at a small premium to gross receivables and that the sale willlead to a reduction in noncore costs.

Barclayssaid the transaction will decrease risk-weighted assets by approximately £900million and has no impact on its existing corporate and investment bankingbusinesses in Spain and Portugal.

"Agreeingthe sale of this business is further tangible progress towards our target ofmanaging down risk weighted assets in Barclays Non-Core to around £20 billionin 2017," said Barclays Group CEO Jes Staley.

Completionof the deal is subject to regulatory approvals and is expected to occur by2016-end.

owns49% of Bancopopular-e, while Värde Partners Inc. holds the remaining 51%. Customersand employees of the affected businesses will transfer to Bancopopular-e.