Barclays Considering options for Iberian Insurance Operation

2nd September 2008

British bank Barclays PLC  confirmed on Tuesday that it is currently reviewing the future of its Iberian insurance operations.

 A Barclays spokesman  responded to a report published in Spanish financial daily Expansion, "Barclays can confirm that it is considering options to further develop its Iberian insurance activities."

However, the spokesman added in a written statement: "Barclays' plans are at an early stage and there can be no assurance that they will result in any transaction taking place."

Expansion additionally reported that Barclays was in talks with several insurers to sell off 50% of Barclays Vida y Pensiones, its Spanish insurance and pensions unit.

The  paper esitmates that the unit could be valued at about  EUR500 million.

 Expansion said that several European companies, including Aviva, Aegon  and Axa were among the insurers who may be interested in buying the unit.