Barclays to buy Spanish rival for €1.3bn

British bank Barclays has agreed to buy Spanish rival Banco Zaragozano for €1.14 billion in cash.

Barclays said the combined bank will creating a nationwide distribution platform, trebling its existing Barclays branch network and customer base.

Shareholders, including board members, owning 54 per cent of the ordinary share capital of Zaragozano have given irrevocable commitments to accept the offer.

The takeover, which is subject to approval by 75.01 per cent of Zaragozano shareholders, is expected to be completed in July.

AFP