Citi Portuguese credit card business will pass to Barclays



image Yesterday it was reported that Barclays plans to purchase Citi’s credit card business in Portugal. The company didn’t provide any details on the financial terms of the agreement. The Wall Street Journal reports that Barclays is paying less than $100 million.

Thereby, Barclays will acquire about 400,000 credit card accounts with the assets totaling about EUR644 million. The Citi cards will be rebranded over time. Besides, the unit and its workforce will be integrated into Barclay’s division in Portugal that has 130 branches across the country.

Frits Seegers, chief executive, Barclays global retail and commercial banking, says: "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. Barclays Portugal will be a leading international issuer in the country and will be positioned to become a top five player in the cards sector."

ECJ




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