Bawag buys Barclays
“Credit card business in particular is attractive”
Two million customers, 700 employees and a profit of around 100 million, which the new owner expects: The domestic Bawag Group is snapping up the German business of the major British bank Barclays. Bawag CEO Anas Abuzaakouk reveals in an interview with "Krone" what is behind the purchase and what Bawag is planning next.
"The attractive part of the acquisition is the credit card business," says Bawag CEO Anas Abuzaakouk shortly after the announcement of the long-prepared banking deal. "It perfectly complements our strategy in Austria." And that is to expand its presence in the DACH region. The company is satisfied with its performance to date and clearly wants to continue to grow.
Regulatory requirements in particular are now taking up work and time, and all approvals should be obtained by the beginning of next year. A contribution to earnings before taxes of more than 100 million euros is expected by 2027.
A purchase price was not disclosed. According to earlier information, Barclays was hoping to raise around half a billion euros from the sale. According to BAWAG CFO Enver Sirucic, however, there is now no clear price for the takeover. "We are taking over all liabilities and all assets," said Sirucic.
Since the IPO in 2017, Bawag has completed nine acquisitions, and two more have been signed with Barclays and Knab (February 2024). According to CEO Abuzaakouk, the shopping spree is now complete for the time being. "People always think that the purchase is the hard part - but the hard part starts afterwards, with the integration."
According to the press release, the assets of Barclays Consumer Bank Europe amounted to around 4.7 billion euros at the end of March 2024 and consisted primarily of card and credit receivables. The Hamburg-based division of the major British bank has been active in Germany since 1991.
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