Barclays Bank PLC ('Barclays') today announces that it has agreed to sell its Barclaycard consumer payments business in Portugal and Spain to Bancopopular-e, a Spanish online bank 51% owned by Varde Partners and 49% owned by Banco Popular Espanol, S.A.

While the Barclaycard business in Portugal and Spain is an attractive and strong business it does not fit with Barclays' strategy to focus on scale businesses in core territories going forward and therefore became part of Barclays Non-Core in March 2016.

The business comprises approximately £1.0bn of assets. It is being sold at a small premium to gross receivables and its sale will also result in a reduction in Non-Core costs. It is estimated that the transaction will result in a decrease in Risk Weighted Assets of approximately £0.9bn. Customers and employees will also transfer to Bancopopular-e. Completion, which is subject to regulatory approvals, is expected to occur by the end of the year.

The transaction has no impact on Barclays' existing corporate and investment banking businesses in Spain and Portugal,which continue to be important elements within the Group's franchise.

Jes Staley, Group Chief Executive, Barclays, said:

'I am delighted by the speed with which we are continuing to reduce our Non-Core exposure and costs. Our credit card operation in Spain and Portugal is a very good business with a highly talented and dedicated workforce but no longer fits with our strategic ambitions. I am sure it will continue to thrive as part of the Bancopopular-e business.

'Agreeing the sale of this business is further tangible progress towards our target of managing down Risk Weighted Assets in Barclays Non-Core to around £20bn in 2017.'

About Barclays

Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website www.home.barclays .

Barclays plc issued this content on 28 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 April 2016 09:54:05 UTC

Original Document: http://www.newsroom.barclays.com/r/3347/barclays_announces_further_non-core_disposal_-_agreement