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Barclays set to acquire Egg credit card assets

Barclays Bank is set to acquire Egg’s UK card assets from Citigroup for an undisclosed sum.

Egg has around 1.15m credit card accounts, with around £2.3bn in outstanding credit.

The bank intends to integrate the accounts into its credit card division, Barclaycard.

Completion is subject to competition clearance and is expected to occur during the first half of 2011.

Barclays group finance director Chris Lucas says: “The acquisition of Egg’s UK credit card accounts has been priced at a significant discount to gross receivables. Based on current projections, we expect the transaction to exceed the financial return targets set out at our recent results announcement.” 

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  1. The Egg is about to go off now the Marx Brothers are running it!

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