Jake Miller
Barclays Bank has had a presence in Spain since 1974, when it opened a representative office in Madrid. Over the years, the bank has expanded its operations in the country and, as of 2005, had over 1,000 employees and nearly 170 offices. In 2006, through the acquisition of Banco Zaragozano, Barclays added 530 branches and became the sixth-largest private bank in Spain. However, in 2014, Barclays sold its Retail Banking unit in Spain to CaixaBank. So, while Barclays once had a significant number of branches in Spain, it is unclear how many, if any, are still in operation today.
| Characteristics | Values |
|---|---|
| Year Barclays entered Spain | 1974 |
| Number of branches in Spain | 430 |
| Number of employees in Spain | More than 4,000 |
| Office locations in Spain | Madrid, Tenerife, Marbella, Aragon, Avila, Cindad Real, Cuenca, Toledo |
| Other operations in Spain | Barclaycard, Barclays Fondos, Barclays Correduria de Seguros, Barclays Vida y Pensiones Compania de Seguros (BVP) |
| Barclays' ranking in Spain | 6th largest bank in the country in 2007 |
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What You'll Learn
Barclays' history in Spain
Barclays has had a presence in Spain since 1974, when Barclays Bank International opened a representative office in Madrid. The bank applied for a banking licence in 1975 and opened its first full branch in the country in Madrid in 1979. In the 1970s, Spain changed its policies to allow foreign interests to hold up to 50% within established banks and 15% in new banks, which encouraged Barclays to pursue a strategy of increasing its presence in the country.
In 1981, Barclays acquired a controlling interest in Banco de Valladolid, renaming it Barclays Bank SAE (now Barclays Bank SA). This acquisition came with a branch network that doubled Barclays' holdings, including branches in Tenerife and the Balearics. Barclaycard also entered the country in 1971 through participation in Banco de Bilbao's BankAmericard scheme, and later launched as a major presence through Barclaycard International in 1999.
In the 1980s and 1990s, Barclays de Zoete Wedd developed merchant banking operations in Spain, and the insurance subsidiary Barclays Correduria de Seguros was also active. By 2002, Barclays Spain had nearly 170 offices and over 1,000 employees. This was greatly increased through the acquisition of Banco Zaragozano in 2003, which created the sixth-largest private bank in the country and added 530 branches. By 2003, Barclays Fondos was the eighth-largest fund management company in Spain, with assets of £3.38 million.
In 2005, Barclays Capital and Barclays Corporate operations within the country were combined after the acquisition of Banco Zaragozano. In the same year, Barclaycard Mastercard (Oro) was launched. In 2006, a card partnership deal was announced between Barclaycard Spain and Caja Asturias. By 2007, Barclays was the largest foreign bank in Spain and the sixth-largest overall.
In 2009, the newly opened Barclays Plaza in Aragon, Spain, won an award in recognition of Barclays Spain's contribution to the socio-economic development of the Aragon region. However, in 2014, Barclays sold its Retail Banking unit in Spain to CaixaBank, which acquired around 550,000 new retail and private banking clients and 2,400 employees. Today, Barclays maintains an office in Madrid, providing a full-service offering to local and global clients.
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Barclays' Spanish offices
Barclays has had a presence in Spain since 1974, when it opened a representative office in Madrid. Five years later, in 1979, the company opened its first full branch in the country, also in Madrid. By 2002, Barclays Spain had nearly 170 offices and over 1,000 employees. This number increased significantly in 2003 when the company acquired Banco Zaragozano, adding 530 branches and creating the sixth-largest private bank in the country.
Barclays was the largest foreign bank in Spain in 2007 and the sixth-largest bank overall. The company has continuously driven innovation in products and services and, as of 2014, was the leader among foreign banks operating in Spain. Barclays Spain has more than 4,000 employees serving customers in 430 offices across the country.
In 2013, Barclays Spain and Caja Rural Castilla-La Mancha reached an agreement for the transfer of the business of 14 branches located in Madrid, Avila, Cindad Real, Cuenca, and Toledo. In 2014, Barclays sold its Retail Banking unit in Spain to CaixaBank, which acquired around 550,000 new retail and private banking clients and 2,400 employees.
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Barclays' Spanish employees
Barclays has had a presence in Spain since 1974, with its first office in Madrid. By 2002, Barclays Spain had over 1,000 employees across nearly 170 offices. In 2003, Barclays acquired Banco Zaragozano, which added 530 branches to its network. By 2014, Barclays Bank SAU had assets of EUR 21,600 million, net loans worth EUR 18,400 million, customer deposits of EUR 9,900 million, and assets under management of EUR 4,900 million.
In 2015, Barclays sold its retail, corporate, and wealth businesses in Spain to CaixaBank for EUR 800 million. This transaction included a network of 270 branches and approximately 2,400 employees. However, Barclays retained its Barclaycard and investment banking businesses in Spain.
As of 2017, Barclays had more than 4,000 employees in Spain, serving customers in 430 offices across the country. The bank offers a wide range of financial products and services in retail, private, and wholesale banking and is a leader among foreign banks operating in Spain.
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Barclays' Spanish acquisitions
Barclays Bank has had a presence in Spain since 1974, when it opened a representative's office in Madrid. The bank's first full branch in the country was opened in Madrid in 1979. Over the years, Barclays has expanded its operations in Spain through various acquisitions and strategic initiatives. Here is an overview of some key moments in Barclays' Spanish acquisitions:
Banco del Dessarrollo Economico Espanol (BANDESCO):
In 1963, Barclays participated in the establishment of BANDESCO, a government initiative to promote Spain's economic development. This marked the bank's early interest in the Spanish market.
Banco de Valladolid:
In 1981, Barclays acquired a controlling interest in Banco de Valladolid, renaming it Barclays Bank SAE (now Barclays Bank SA). This acquisition significantly expanded Barclays' branch network in Spain.
Banco Zaragozano:
In 2003, Barclays acquired Banco Zaragozano, the 11th-largest Spanish bank. This acquisition created the sixth-largest private bank in the country and added approximately 530 branches to Barclays' network.
Barclays Spain's Growth:
By 2002, Barclays Spain had nearly 170 offices and over 1,000 employees. The bank focused on serving an affluent customer base and was incorporated into Barclays Private Clients.
Barclays Fondos:
By 2003, Barclays Fondos, the fund management arm of Barclays in Spain, had become the eighth-largest fund management company in the country, with assets of £3.38 million.
Barclays Capital and Barclaycard:
Barclays Capital and Barclaycard have also had a significant presence in Spain. In 2005, Barclays combined its Capital and Corporate operations in the country after the acquisition of Banco Zaragozano. Barclaycard International was launched in Spain in 1999, and the company has since formed various partnerships and co-branded card deals.
Sale to CaixaBank:
In 2015, Barclays announced the sale of its retail, corporate, and wealth businesses in Spain to CaixaBank for EUR 800 million. This transaction excluded Barclays' Spanish investment banking business and Barclaycard, which the bank continues to operate in Spain. Despite this sale, Barclays maintains a presence in the country through its Madrid office, serving both local and global clients.
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Barclays' Spanish controversies
Barclays has had a presence in Spain since 1974 (or 1979, according to some sources). The bank has over 4,000 employees in the country, serving customers in 430 offices across Spain.
Despite its prominent position in the Spanish market, Barclays has been involved in several controversies in the country.
Violation of Anti-Money Laundering Laws
In March 2009, Barclays was accused of violating international anti-money laundering laws. The NGO Global Witness claimed that the Paris branch of Barclays held the account of Teodoro Obiang, the son of the Equatorial Guinean President. Allegedly, Obiang had siphoned oil revenues from government funds as early as 2004. According to Global Witness, he used the funds in this account to purchase a Ferrari and maintain a mansion in Malibu.
Links to the Slave Trade
The Barclay family, whose name became associated with the business in 1736, were connected with slavery. In 1756, David and Alexander Barclay were engaged in the slave trade. However, David Barclay of Youngsbury (1729-1809) was a noted abolitionist.
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Frequently asked questions
Yes, Barclays has had a presence in Spain since 1974.
As of 2003, Barclays had around 530 branches in Spain.
Barclays Bank branches in Spain are located across the country, including in Madrid, Aragon, Tenerife, the Balearics, and Marbella.
