Barclays to buy Citi’s credit card biz in Portugal

British banking major Barclays said it will acquire financial behemoth Citigroup's credit card business in Portugal for an undisclosed amount.

British banking major Barclays said it will acquire financial behemoth Citigroup’s credit card business in Portugal for an undisclosed amount.

As per the deal,Barclays would acquire 4,00,000 credit card accounts,and gross assets worth about 644 million euros of that business,it said in a statement.

Subject to regulatory clearance,the deal is expected to be completed before the end of this year.

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One of the worst hit in the ongoing financial turmoil,Vikram Pandit-led Citi has been looking at shrinking its balance sheet and has sold quite a few of its businesses in recent times.

Barclays would integrate the acquired business into its existing Barclays Portugal operations,which is part of the Global Retail and Commercial Banking.

The statement noted that Barclays expects to rebrand existing Citi card with its global Barclaycard brand.

“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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“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,” Barclays Global Retail and Commercial Banking Chief Executive Officer Frits Seegers said.

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