Barclays has been linked to the acquisition of Banco Urquijo, a Spanish private bank owned by the Belgian bank the KBC Group. According ...

Barclays has been linked to the acquisition of Banco Urquijo, a Spanish private bank owned by the Belgian bank the KBC Group.

According to sources close to Barclays, the British bank is keen to expand its wealth management business in Spain and an acquisition of a local player in the market is part of this strategy.

Rumours around the sale of Banco Urquijo have been circulating for at least six months.

Last February KBC said it would "evaluate the option to sell” the bank. The Belgian bank also said it has received various offers of interest to acquire Banco Urquijo, which is part of the group's European private banking network.

KBC added that it has hired JP Morgan to look for a potential buyer.