Barclays in 50/50 credit card JV with Argos

Source: Barcleys Bank

Barclays Bank PLC and Argos Retail Group have today announced that they have signed a Shareholders' Agreement to form a 50/50 joint venture to provide a new Argos credit card and loan product, and a new Homebase loan product.

The joint venture encompasses Argos's 650 stores in the UK as well as Homebase's chain of 300 out of town stores.

The move underlines Barclays strategy to grow its UK cards and consumer lending business with a growing contribution from partnership business and follows previous, similar deals with Sky and House of Fraser.

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