U.S. investment funds Apollo Global Management and Centerbridge Capital Partners are interested in purchasing the retail banking assets of Barclays in Portugal and Spain.
The British bank has started the sale process for its Iberian branch networks but aims to retain its high net worth private clients and corporate accounts in Portugal.
Barclays laid the groundwork for its retreat from Portugal earlier this month when it split it business into divisions, making it easier to sell off its retail banking assets and keep the choice cuts.
Portugal’s BIC bank has made some positive noises about buying some Barclays sites but with two American vulture funds circling the corpse soon there may be no bargains left.
Barclays in Spain could be worth as much as €2 billion with several expressions of interest from local competitors. A selling price for the Portuguese business has not been released.
The restructuring of Barclays and the closure or sale of it Portuguese branches is just part of a wider plan from CEO Antony Jenkins in London, who also has issued for sale notices in Spain, Italy and France involving a reduction of 14,000 jobs.
Barclays in Portugal shed 400 employees last year and closed half of it branch network so it is no surprise to staff that the rest are now to be sold to the highest bidder, or simply shut and property freeholds and leases sold on.
Apollo Global Management specialises in ‘distressed assets’ and Centerbridge Capital Partners LLC is a ‘private investment firm.’
