British banking giant Barclays is in exclusive talks to sell its retail banking operations in Portugal to Spain’s Bankinter.
The sale of the Portuguese business will likely include the lender’s retail and corporate banking business, while excluding its investment banking and credit card business.
The Portugal unit, which operates with 85 branches, is reportedly expected to be offloaded at less than the price Barclays holds its assets at.
Barclays recently announced plans to sell its retail divisions in Portugal and Italy, which were part of the bank’s non-core assets that it wants to sell or run down.
The planned sale of the Portugal and Italy operations follows CaixaBank’s acquisition of Barclays’ retail business in Spain in September.