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Bailey McCann, Opalesque New York:

Värde Partners, a $10 billion global alternative investment firm based in Minneapolis has partnered with Banco Popular to acquire Barclays' Barclaycard business in Spain and Portugal. The business will be combined with Bancopopular-e, a business jointly owned by Värde and Banco Popular.

Bancopopular-e is an online bank specializing in credit cards that provides credit and savings solutions to over 2.5 million customers. Its team of over 700 professionals currently manages €1,800 million in clients card balances and more than €2,200 million in customer deposits. The sale is expected to save Barclays £70m worth of annual costs.

The deal is the latest in a broader move by the bank to exit its retail banking operations in Europe. At the end of April, the bank announced that it was in talks with AnaCap, a private equity firm, to sell its French retail finance business. In addition to shedding it's European business, the Wall Street Journal reported that bank shareholders voted on Thursday to dispose of a large portion of its Africa business as well.

Banco Popular acquired Citibank’s Spanish credit card business in 2014 and contributed it to Bancopopular-e while Barclaycard acquired Citibank’s Portuguese credit card business in September 2009. This shared lineage, as well as the prese......................

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