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Bankinter closes acquisition of part of Barclays' Portuguese banking ops

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Bankinter closes acquisition of part of Barclays' Portuguese banking ops

said April 1 thatit closed the same day the acquisition of part of 's banking business inPortugal following receipt of the required regulatory .

TheSpanish bank paid Barclays BankPlc €86 million for the acquisition of the retail banking, privatebanking and parts of the corporate banking businesses, based on an estimatednet worth of the acquired operations of €237 million. The amount could beadjusted in the next few months once the net worth as of March 31 is finalizedand according to other terms of the transaction.

TheSpanish bank said it will commence a process that will run until 2016-end tofully integrate the IT platforms, business models and other operations of theacquired banks.

, a50-50 joint venture between Bankinter and MAPFRE SA, also formalized the acquisition of Barclays'Portuguese pension and life insurance business for €75 million. Barclays Vida yPensiones recorded €157 million in premiums in Portugal in 2015.