“The deep and sophisticated US consumer finance market offers rich prospects for growth at Barclays,” Chief Executive Officer, C.S. Venkatakrishnan said. Barclays said the deal will help it build scale in the US market, where its personal banking presence lags much bigger incumbent domestic banks.

The deal will add two million customers, Barclays said, as well as diversifying its income by adding more capital-light servicing fees as opposed to interest income and interchange fees. Barclays said it expects the deal to close in the second quarter of 2026, after the completion of the previously announced sale of its American Airlines co-branded credit card receivables.

–Reuters–