Barclays Buys Citi's Portugal Credit Card Operations
September 29 2009 - 6:34AM
Dow Jones News
Barclays PLC (BARC.LN) said Tuesday that acting through its
Portuguese branch, has agreed to acquire the Portuguese credit card
business of Citibank International plc, Sucursal em Portugal.
MAIN FACTS:
-Under the terms of the transaction, Barclays will acquire
400,000 credit card accounts; gross assets of EUR644 million (as at
June 30), of which substantially all relate to receivables; as well
as the Business's employees.
-Barclays intends to integrate the Business into its existing
Barclays Portugal business, which is part of the Global Retail and
Commercial Banking - Western Europe division.
-Over time, Barclays intends to rebrand existing Citi cards with
its global Barclaycard brand.
-Completion is subject to competition clearance and is expected
to occur before the end of 2009.
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com