Barclays Bank SAU to merge with CaixaBank

The operation, which is subject to authorisation from the Ministry of Economics and Competition, will see Barclays’ operations assimilated into CaixaBank, a bank presided over by Chairman Isidro Fainé and CEO Gonzalo Gortázar. The merger will mean the disappearance of Barclays Bank S.A.U., as the absorbed company, with its assets transferred to CaixaBank, as the absorbing company, which acquires all rights and obligations held by the former.

The merger will see all Barclays Bank S.A.U. technology and operations incorporated into CaixaBank, an operation that is scheduled for completion in Q2 2015, subject to legal authorisation. The numbering of products will change, but all direct debits, charges and payments will be unaffected by the move, meaning no action will be required from Barclays 550,000 customers.

These clients will also be able to operate via Línea Abierta, CaixaBank’s online banking platform, using the same passwords as used to access the Barclays’ electronic banking system. They will also benefit from the proprietary network of branches. Once the merger is complete, the 261 Barclays Bank S.A.U. branches in Spain will be incorporated into the CaixaBank network, which currently includes more than 5,000 branches.