Barclays Bank has announced that it will sell part of its business in Spain.
Barclays’ retail, wealth management and corporate banking business in Spain will be bought by CaixaBank for £633m.
Not included in the deal are Barclays' Spanish credit card operations and its investment banking business.
Caixa, Spain’s third biggest lender, said it would acquire 270 branches and more than half a million new clients as a result of the purchase.
Barclays announced in May that it would undertake a major restructuring of its business, including the sale of some of its operations in Europe, such as Portugal, Spain, Italy and France.
Shortly after, it said it would not sell off its business in Portugal.
The reorganisation will see the axing of 19,000 posts by 2016, of which 10,000 will be abroad. The cuts are from a total of 38,000 people in retail banking and 26,000 in investment banking.
"We were clear [in our May statement] that this business, while not central to Barclays' strategy, could be attractive to another owner - and today's announcement reflects that perspective," said Antony Jenkins, chief executive of Barclays.
