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Barclays sells out in Spain to Caixabank

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Barclays sells out in Spain to Caixabank

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The axe was expected to fall on Barclays European operations, and now it has, with the British bank’s Spanish interests being sold off for 800 million euros to Caixabank.

It is one of the first big steps in Barclays big European pullout, and represents a loss after tax of 632 million euros.

Thousands of jobs are going over the next three years as the bank tries to improve profitability, which it intends to do by refocussing on the UK and Africa, credit cards, and investment banking in the US and UK.

For Barcelona-based Caixabank, it is yet another juicy morsel swept up in its financial crisis carpetbag.