Barclays buys Citi's Italian credit card business

Barclays buys Citi's Italian credit card business

Britain's Barclays bank is buying the Italian credit card business of Citi. Financial terms of the deal were not disclosed.

The agreement covers around 197,000 credit card accounts and gross assets of approximately EUR234 million.

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

Leo Salom, CEO, global retail and commercial banking, Western Europe, Barclays, says: "This acquisition provides Barclays with the perfect opportunity to grow and develop further our cards business in Italy. The deal will create significant scale for continued growth and development."

Barclays has moved to expand its presence in Western Europe recently, acquiring Citi's Portuguese credit card business last year.

While the British bank, which did not receive government bailout money, is on the acquisitions trail, struggling Citi is selling off parts of its business and has also recently sold the Diners Club Card merchant-location portfolio in Western Europe to Elavon.

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