Barclays Unit Pays $1.2B To Pick Up Edcon Card Portfolio

Law360, New York (June 6, 2012, 2:18 PM EDT) -- Absa Bank Ltd., the South African arm of Barclays PLC, has agreed to hand over 10 billion rand ($1.2 billion) to pick up the private credit card account portfolio of clothing and footwear retailer Edcon, the companies announced Wednesday.

In return, Absa will snag more than 3.8 million active accounts. Per a long-term agreement, the bank will provide credit to the retailer's customers, while Edcon will continue handling customer service for the transactions. Pending regulatory approvals, the deal is expected to close in the latter half...
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