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