(15 February 2010 – Europe) Barclays is continuing to build its retail banking presence in Italy with the purchase of Citigroup’s Italian credit card business.The purchase adds to Barclays growing portfolio of businesses snapped up during the global financial crisis.
The British bank acquired Citi’s Portuguese credit card business late last year, following the purchase of credit card businesses in Russia, Indonesia and the UK at the height of the GFC.
The Citigroup business to be acquired comprises of 197,000 credit card accounts and gross assets of about €234 million (A$359 million).
Barclays, which has not disclosed the price it will pay, will combine the business with its Italian retail banking operation.
Leo Salom, Barclays’ chief executive of European retail and commercial banking, said that this acquisition provides Barclays with the perfect opportunity to grow and develop further the bank’s credit card business in Italy.
The deal will create significant scale for continued growth and development, Mr Salom added.
Barclays will kick off the UK banks’ reporting season on Tuesday when it announces full-year results.