Barclays has agreed to sell its retail, wealth management and corporate banking businesses in Spain for €800 million to CaixaBank as it continues to revamp its European business.

Barclays has agreed to sell its retail, wealth management and corporate banking businesses in Spain for €800 million ($1.05 billion) to CaixaBank as it continues to revamp its European business.

Approximately 550,000 new customers will transfer to the bank and the deal also includes 270 branches and around 2,400 employees.

The sale does not include Barclaycard or the investment banking business.

The final price will be adjusted based on the value of the Spanish operations at the end of the year and is subject to regulatory approval.

On Sunday, Barclays completed the sale of its UAE Retail Banking business to Abu Dhabi Islamic Bank at an estimated pre-tax gain of £119 million ($197 million).

“I am pleased to be announcing further progress on Barclays non-core asset reductions through the transactions announced today. We remain on track to rebalance Barclays as part of our strategy to deliver sustainable returns for our shareholders,” said Antony Jenkins, Barclays group chief executive.

Barclays announced in May that it would put its retail banking operations in Italy, France, Spain and Portugal into a “bad bank” as a part of its plan to sell off non-core businesses. The bank also said that it was shedding 19,000 jobs, including 7,000 in its investment arm.

Barclays said that the wealth and investment business of the bank – containing what had once been called Barclays Wealth – will no longer exist as a standalone entity.

Under the new structure, the bank will have just four divisions, including personal and corporate banking, Barclaycard, Africa Banking and the investment bank.

The latest strategic review means that Barclays expects to incur a further £800 million ($1.36 billion) in costs on top of the original £2.7 billion announced in February last year.

Barclays has also seen a number of high profile exits in recent months. Earlier in July Henry Fischel-Bock, one of the most senior figures at Barclays’ wealth management business, announced his resignation to join Switzerland’s Lombard Odier at the start of next year as head of its domestic European private client business.

Peter Horrell, chief executive of the wealth and investment part of Barclays, is also leaving at the end of this year.

Recent figures suggest the wealth arm of the firm is progressing. In May, the bank said its wealth and investment arm logged a 15 per cent year-on-year fall in pre-tax profit to £51 million ($86.2 million) in the first three months of 2014, affected by the cost of its Transform programme. However, when that process is excluded, pre-tax profits rose 22 per cent over that period.