Barclays To Buy Citi's Italian Credit Cards Business

By Erin Fuchs

Law360, New York (February 11, 2010, 1:14 PM ET) -- In a move to expand its Italian credit cards business, Barclays PLC will acquire as a going concern Citibank International Bank PLC's approximately 197,000 credit card accounts in Italy, which are worth about €234 million ($319.42 million).

London-based Barclays announced the deal — slated to be complete by the first quarter of 2010 — on Thursday in a Form 6-K filing with the U.S. Securities and Exchange Commission.

The deal is subject to clearance from antitrust regulators and a “mandatory consultation procedure” with unions, Barclays said....
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