LONDON — The British bank Barclays said on Thursday that it had agreed to sell its Barclaycard credit card business in Portugal and Spain to the Spanish online bank Bancopopular-e. The sale is the latest in a series of exits by Barclays from Continental Europe, as the bank seeks to improve its prospects by accelerating the sale of businesses it does not consider core operations. Barclays has agreed to sell its retail banking businesses in Italy, Portugal and Spain, and it said on Wednesday that it was in discussions with the private equity firm AnaCap Financial Partners about the potential sale of its retail operations in France. As part of a revamp under the new chief executive, James E. Staley, Barclays is focusing its strategy around two divisions: the British consumer bank, and the corporate and investment bank. “I am delighted by the speed with which we are continuing to reduce our noncore exposure and costs,” Mr. Staley said in a news release on Thursday. “Our credit card operation in Spain and Portugal is a very good business with a highly talented and dedicated work force but no longer fits with our strategic ambitions.” Barclays said the business consists of about 1 billion pounds, or about $1.46 billion, in assets. The sale to Bancopopular-e, which is owned by the investment firm Varde Partners and Banco Popular Español, is subject to regulatory approval and it is expected to be completed by the end of the year.
Barclays has agreed to sell its Barclaycard consumer payments business in Portugal and Spain to Bancopopular-e, as part of its ongoing strategy to dispose of unwanted assets. The business has assets worth £1bn, and the deal will result in a reduction in its risk weighted assets of £0.9bn, as well as removing around £70m of annual costs for Barclays, said the bank.