Barclays Bank, acting through its Portuguese branch, has agreed to acquire the Portuguese credit card business of Citibank International, Sucursal em Portugal.
Under the terms of the transaction, Barclays will acquire approximately 400,000 credit card accounts, gross assets of approximately €644m, 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.
Frits Seegers, chief executive of Barclays global retail and commercial banking, said: “Barclays business in Portugal has grown rapidly over the past three years, adding more than 130 branches across the country. With this acquisition, we will deliver a real step change in our business, significantly increasing Barclays Portugal’s customer base and providing extensive cross-sell opportunities.”
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