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CaixaBank to Buy Barclays’s Spanish Unit for $1.1 Billion

CaixaBank SA, Spain’s third-biggest lender, agreed to buy Barclays Plc’s banking operations in the country for about 800 million euros ($1.1 billion) in cash to expand its business as economic growth picks up.

The sale includes consumer, wealth and investment management and corporate banking businesses, Barcelona-based CaixaBank said in a statement yesterday. The price represents about 47 percent of the book value, it said. Barclays, the U.K.’s second-largest lender, will report an after-tax loss on the sale of 500 million pounds ($831 million), the London-based bank said in a separate statement.