commercial banking

Barclays bank acquires the Italian credit card portfolio of Citi. The terms of the transactions were not unveiled.

Under the deal about 197,000 credit card accounts and gross assets worth approximately EUR234 million will be sold to Barclays.

Barclays says the business and staff will be integrated into its existing Italian operations and cards will be rebranded "over time".

 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.