BAWAG acquires Barclays Consumer Bank Europe

BAWAG Group announces the signing of a transaction to acquire Hamburg based Barclays Consumer Bank Europe from Barclays Bank Ireland PLC. The acquisition will expand BAWAG Group’s footprint in the DACH/NL region and position it for future growth in one of the bank’s core markets. As of 31 March 2024, Barclays Consumer Bank Europe had gross assets of EUR 4.7 billion primarily comprising of card and loan receivables, of which approximately EUR 2 billion are credit card receivables. BAWAG Group will work with the current leadership team to continue growing its Retail business in Germany and Austria. The acquisition creates long-term value to BAWAG’s franchise, with an expected profit before tax contribution of greater than EUR 100M in 2027 once the deal is fully integrated. The CET1 impact of the transaction is expected at ~140 basis points. The transaction, subject to customary closing conditions, including regulatory approvals, is expected to occur in Q4 2024 / Q1 2025.