EU Watchdog OKs Barclays Egg Credit Card Asset Buy

Law360, New York (April 18, 2011, 7:30 PM EDT) -- The European Union’s competition watchdog on Monday approved Barclays PLC’s purchase of the British credit card assets of online bank Egg Banking PLC from Citigroup Inc.

As Egg Banking is only active in the U.K., its activites overlap with Barclay’s only in relation to the issuing of universal, personal credit cards in the U.K., and the combined market shares remain moderate, the European Commission said in a statement on Monday.

“In addition, a significant number of credible competitors, capable of imposing a competitive constraint on the...
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