Statement re Joint Venture

Barclays PLC
23 August 2006


23 August 2006


Barclays Bank PLC and Argos Retail Group to form joint venture


Barclays Bank PLC ('Barclays') and Argos Retail Group have today announced that
they have signed a Shareholders' Agreement to form a 50/50 joint venture to
provide a new Argos credit card and loan product, and a new Homebase loan
product.

The joint venture encompasses Argos's 650 stores in the UK as well as Homebase's
chain of 300 out of town stores.

Each party has made an initial de minimis capital contribution to the joint
venture. A Services Agreement will be entered into between Argos Limited,
Barclays and the joint venture company (ARG Personal Finance Limited) later this
year when the business of the joint venture company will become fully
operational. If the Services Agreement is not signed by 31 December 2006, the
Shareholders' Agreement will terminate without prejudice to Argos Limited or
Barclays.

The move underlines Barclays strategy to grow its UK cards and consumer lending
business with a growing contribution from partnership business and follows
previous, similar deals with Sky and House of Fraser.


                                    - ENDS -


For further information, please contact:


Barclaycard

Public Relations
Ian Barber
Tel: + 44 (0)1604 251 229

Barclays

Investor Relations                 Media Relations
Anne Ramsay/Karen Menzel           Jason Nisse/Alistair Smith
[phone]/2929          [phone]/6132


About Barclays Bank PLC

Barclays Bank PLC is a major global financial services provider engaged in
retail and commercial banking, credit cards, investment banking, wealth
management and investment management services. We are one of the largest
financial services companies in the world by market capitalisation. Operating in
over 60 countries and employing over 118,000 people, we move, lend, invest and
protect money for over 25 million customers and clients worldwide. With over 300
years of history and expertise in banking, Barclays Bank PLC has six major
businesses including Barclaycard.

Barclaycard is one of the leading credit card businesses in Europe and has 11.2
million UK customers and 5.3 million international cards in issue.


About Argos Retail Group

Argos Retail Group is the UK's leading home and general merchandise retailer
with sales of over £5.5 billion in the year ended 31st March 2006. It sells
products under two distinctive and complementary retail brands, Argos and
Homebase.

Argos is a unique retailer recognised for choice, value and convenience. It
sells over 17,000 general merchandise products for the home through its network
of more than 650 stores, online and over the phone. Argos' internet site,
www.argos.co.uk, is the second most popular internet retail site in the UK.

Homebase is the UK's second largest home improvement retailer and is recognised
for choice, style and customer service across the wider home enhancement market.
It has more than 300 large, out of town stores, which sell over 30,000 products,
as well as a growing internet offering at www.homebase.co.uk.

Argos and Homebase are supported by an in-house financial services business, ARG
Financial Services, which provides a range of credit and insurance products to
their customers through all customer-facing channels of stores, online and over
the phone. ARG Financial Services is one of the largest store card providers in
the UK, having over one million active store card customers.



                      This information is provided by RNS
            The company news service from the London Stock Exchange