Barclays ready to accelerate SME services in Spain
Barclays, the UK bank, has overcome the transitional phase of its takeover of Spanish bank Zaragozano and is now looking to accelerate the development of its subsidiary. The strategy of Barclays' Spanish operations will focus on strengthening areas such as services for small and medium-sized companies (SMEs), private banking, and consumer financing, as well as maintaining mortgage growth levels. The transition has resulted in 260 redundancies agreed between management and trade unions and various changes in top-level management, as well as a brand unification towards the Barclays name. Barclays' Spanish operation posted its best ever results at the end of the first half of 2005, with earnings up 16.2 per cent, at 55.4m euros. Source: Expansion
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