In 1963, Barclays accepted an invitation to participate in a new investment bank, Banco del Dessarrollo Economico Espanol (BANDESCO), a government initiative designed to promote the development of the Spanish economy. Following a change in the 1970s which allowed foreign interests to hold up to 50% within established banks and 15% in new banks, Barclays decided to pursue a strategy of increasing its presence within the country. Accordingly, Barclays Bank International opened a representative's office in Madrid in 1974, and following the death of General Franco and subsequent liberalisation of banking policies, applied for a banking licence in 1975. The first full branch in the country was opened by Barclays Bank International in Madrid in 1979. In 1981, Barclays acquired a controlling interest in Banco de Valladolid, renaming it Barclays Bank SAE (now Barclays Bank SA). With this acquisition came a branch network that doubled Barclays' holdings, including branches in Tenerife and the Balearics. In 1988, an International Private Banking office was opened near Marbella to serve affluent non-resident customers. Barclays was the first foreign bank in Spain to offer Eurobonds for individuals, as well as to fully market mortgages. Between 1995 and 1999, Barclays Spain was remodelled to concentrate on an affluent customer base, and was incorporated into Barclays Private Clients. By 2002, Barclays Spain had nearly 170 offices, and over 1,000 employees. This was increased greatly through the acquisition of Banco Zaragozano, completed in 2003, which created the sixth largest private bank in the country, and added some 530 branches. Barclays de Zoete Wedd developed merchant banking operations throughout the 1980s and 1990s. The insurance subsidiary Barclays Correduria de Seguros was also active during this time. By 2003, Barclays Fondos was the eighth largest fund management company in Spain, with assets of £3.38 million. Barclaycard has also been a presence within the country, initially entering through participation in Banco de Bilbao's BankAmericard scheme in 1971. Following this, it was launched as a major presence through Barclaycard International in 1999. In 2005, Barclays Capital and Barclays Corporate operations within the country were combined after the acquisition of Banco Zaragozono. In the same year, Barclaycard Mastercard (Oro) was launched. In 2006, a card partnership deal between Barclaycard Spain and Caja Asturias was announced. In 2007, Barclays was the largest foreign bank in Spain and the 6th largest overall. Several co-branded cards were launched in 2007, including a Barclaycard Europe/ABSA partnership, Viajes Estival Tour, and another between Barclaycard and Ediciones Novapress, the editors of Latino, a newspaper aimed at Latin Americans living in Spain. In 2009, the newly opened Barclays Plaza in Aragon, Spain, won an award in recognition of Barclays Spain's contribution to the socio-economic development of the Aragon region. In the same year, a joint life insurance venture was announced between Barclays and CNP Assurances SA, in exchange for the sale of Barclays Vida y Pensiones Compania de Seguros (BVP) and Barclays' Iberian life insurance. In 2013, it was announced that Barclays Spain and Caja Rural Castilla-La Mancha had reached an agreement for the transfer of the business of 14 branches located in Madrid, Avila, Cindad Real, Cuenca and Toledo. In 2015, Barclays announced the completed sale of retail, corporate and wealth businesses in Spain to CaixaBank SA, although the operations of Barclaycard and Barclays Capital would continue. All information is correct as of August 2015.