Acquisition

RNS Number : 2251E

Barclays PLC

04 April 2011

 



                                                                                                                  4 April 2011

Barclays PLC

Barclays acquires MBNA Small Business credit card portfolio 

Barclays Bank PLC has purchased MBNA Europe Bank Limited's Small Business credit card portfolio in the UK, consisting of approximately 60,000 accounts with approximately £130 million of outstanding balances as at 28 February 2011.

This acquisition reinforces Barclays Global Retail Banking's strategic ambition to achieve greater depth in its chosen markets and businesses.  The portfolio will be integrated into its payment division, Barclaycard. Last year, Barclaycard managed circa £200 billion in payments for over 20 million consumers and over 240,000 business customers.

Valerie Soranno Keating, Chief Executive of Barclaycard, said: "We are delighted to welcome 60,000 new customers who will benefit from Barclaycard's deep understanding of commercial payments, built up over the last 34 years.  Following on from our recently announced intention to purchase the Egg credit card assets, this deal further reflects the growing diversification of our payments business and is priced at a small discount to outstanding balances."

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For further information please contact:

Barclays/Barclaycard

Investor Relations                                                               Media Relations  

Stephen Jones                                                                   Giles Croot/James Cooke

[phone]                                                          [phone]

About Barclays

Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia.  With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 147,000 people.  Barclays moves, lends, invests and protects money for over 48 million customers and clients worldwide.

For further information about Barclays, please visit our website www.barclays.com.  Neither the content of the Barclays website nor any website accessible by hyperlinks on the Barclays website is incorporated in, or forms any part of, this announcement.

About Barclaycard

Barclaycard, part of Barclays Global Retail Banking division, is a leading global payment business which helps consumers, retailers and businesses to make and accept payments flexibly, and to access short-term credit when needed.

The company is one of the pioneers of new forms of payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future.  It also issues credit and charge cards to corporate customers and the UK Government.  Barclaycard partners with a wide range of organisations across the globe to offer their customers or members payment options and credit.

In addition to the UK, Barclaycard operates in the United States, Europe and Africa.

 

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