View more on these topics

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.” 

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

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

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com