Barclays Buys Egg UK Credit Accounts From Citigroup

Law360, New York (March 1, 2011, 6:39 PM EST) -- Barclays Bank PLC said Tuesday it will buy the credit card accounts of Citigroup Inc.'s online bank Egg Banking PLC, representing 1.15 million customer accounts, as the New York-based financial giant continues to sell noncore assets.

The credit card accounts come with some $3.7 billion in gross receivables, Barclays said, adding that it intends to integrate the accounts into its Barclaycard credit card division.

“The acquisition of Egg’s U.K. credit card accounts has been priced at a significant discount to gross receivables. Based on current projections,...
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