BAWAG Group, an Austrian financial institution, has announced the acquisition of the German retail business of Barclays, a major British bank. The move is aimed at expanding the bank’s presence in Austria, Germany, Switzerland, and the Netherlands. The assets of Barclays Consumer Bank Europe, which were valued at around EUR 4.7 billion, primarily include card and loan receivables. BAWAG expects this acquisition to significantly contribute to its earnings, with an estimated amount of more than EUR 100 million in earnings before taxes by 2027, once the transaction is fully integrated.
The acquisition is subject to regulatory approvals and other customary conditions, with a target completion date set for the fourth quarter of 2024 or the first quarter of 2025. BAWAG CEO Anas Abuzaakouk expressed enthusiasm for the acquisition, emphasizing the strategic fit in terms of product offering, market presence, customer base, and the expertise of the workforce in Hamburg, where the division is based. The Hamburg division of Barclays has around 700 employees and has been operating in Germany since 1991, serving more than 2 million customers.
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In conclusion, BAWAG Group’s acquisition of Barclays’ German retail business is expected to significantly contribute to its earnings by enhancing its presence in key markets while providing opportunities for growth in new areas such as Germany and Switzerland.
BAWAG CEO Anas Abuzaakouk expressed excitement about this acquisition because it fits well with their strategy regarding product offering
