BAWAG acquires Barclays Consumer Bank Europe
July 04 2024 - 1:30AM
BAWAG acquires Barclays Consumer Bank Europe
BAWAG Group today announces the signing of a transaction to
acquire Hamburg-based Barclays Consumer Bank Europe from Barclays
Bank Ireland PLC.
The acquisition will expand BAWAG Group’s footprint in the
DACH/NL region and position it for future growth in one of the
bank’s core markets. As of 31 March 2024, Barclays Consumer Bank
Europe had gross assets of € 4.7 billion primarily comprising of
card and loan receivables, of which approximately € 2 billion are
credit card receivables. BAWAG Group will work with the current
leadership team to continue growing its Retail business in Germany
and Austria.
The acquisition creates long-term value to BAWAG’s franchise,
with an expected profit before tax contribution of greater than €
100 million in 2027 once the deal is fully integrated. The CET1
impact of the transaction is expected at ~140 basis points. An
overview of the acquisition is available on BAWAG Group’s website
(www.bawaggroup.com/IR).
The transaction, subject to customary closing conditions,
including regulatory approvals, is expected to occur in Q4 2024 /
Q1 2025.
“We are excited about the acquisition of Barclays’ German
consumer lending business and the many opportunities this presents
for the Group. This is a great strategic fit in terms of product
offering, market presence, customer base, and team members with
deep credit card expertise based in Hamburg. This acquisition
provides us with a German consumer lending platform focused on
credit cards, personal loans, and savings products across a large
and diverse customer base. We look forward to welcoming the whole
team and building on the strong foundation that has been
established. This is the second acquisition we have signed in 2024,
planting the seeds for continued profitable growth in the years
ahead“, comments Anas Abuzaakouk, CEO of BAWAG
Group.
“The purchase of our franchise by BAWAG Group reiterates the
successful business our teams have created in the German market
over the past few decades. With BAWAG Group’s financial strength,
digital know-how and ambitions behind us we will further strengthen
our foundation and capture opportunities ahead”, comments
Tobias Grieß, CEO Barclays
Consumer Bank Europe.
About Barclays Consumer Bank Europe
Barclays Consumer Bank Europe has been operating successfully in
Germany for more than 30 years and is one of the leading providers
of credit cards with a genuine credit function. The company’s other
business areas include consumer loans, installment purchase
financing via the online retailer Amazon and overnight money
accounts. Further information can be found at www.barclays.de.
About BAWAG Group
BAWAG Group AG is a publicly listed holding company
headquartered in Vienna, Austria, serving 2.1 million retail, small
business, corporate, real estate and public sector customers across
Austria, Germany, Switzerland, Netherlands, Western Europe, and the
United States. The Group operates under various brands and across
multiple channels offering comprehensive savings, payment, lending,
leasing, investment, building society, factoring and insurance
products and services. Our goal is to deliver simple, transparent,
and affordable financial products and services that our customers
need.
BAWAG Group’s Investor Relations website
https://www.bawaggroup.com/ir contains further information,
including financial and other information for investors.
Forward looking statement
This release contains “forward-looking statements” regarding the
financial condition, results of operations, business plans and
future performance of BAWAG Group. Words such as “anticipates,”
“believes,” “estimates,” “expects,” “forecasts,” “intends,”
“plans,” “projects,” “may,” “will,” “should,” “would,” “could” and
other similar expressions are intended to identify these
forward-looking statements. These forward-looking statements
reflect management’s expectations as of the date hereof and are
subject to risks and uncertainties that may cause actual results to
differ materially from those projected. These risks and
uncertainties include, but are not limited to, economic conditions,
the regulatory environment, loan concentrations, vendors,
employees, technology, competition, and interest rates. Readers are
cautioned not to place undue reliance on the forward-looking
statements as actual results may differ materially from the results
predicted. Neither BAWAG Group nor any of its affiliates, advisors
or representatives shall have any liability whatsoever (in
negligence or otherwise) for any loss howsoever arising from any
use of this report or its content or otherwise arising in
connection with this document. This report does not constitute an
offer or invitation to purchase or subscribe for any securities and
neither it nor any part of it shall form the basis of or be relied
upon in connection with any contract or commitment whatsoever. This
statement is included for the express purpose of invoking “safe
harbor provisions”.
Contact:
Financial Community:Jutta Wimmer (Head of
Investor Relations)Tel: +43 (0) 5 99 05-22474IR Hotline: +43 (0) 5
99 05-34444 E-mail: investor.relations@bawaggroup.com
Media:Manfred Rapolter (Head of Corporate
Affairs)Tel: +43 (0) 5 99 05-31210E-mail:
communications@bawaggroup.com
This text can also be downloaded from our website:
https://www.bawaggroup.com
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