More NewsBarclays to Acquire Citi’s Portugal Credit Card Business

Barclays to Acquire Citi's Portugal Credit Card Business

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.”

Related Articles

Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

3m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

3m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

3m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

4m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

4m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

4m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

4m Tasja Botha
FX for corporates: 5 best practices for treasurers

Economy FX for corporates: 5 best practices for treasurers

4m Mateo Graziosi