BAWAG Group, a major bank with operations in Austria, Germany, Switzerland, and the Netherlands, has acquired the German retail business of British major bank Barclays. This acquisition is aimed at expanding the bank’s presence in these markets and will bring expertise in the credit card business to BAWAG. The acquisition will contribute more than EUR 100 million to earnings before taxes by 2027 when it is fully integrated.
BAWAG CEO Anas Abuzaakouk stated that this acquisition is a strategic fit for the bank as it aligns with their product offerings, market presence, customer base, and workforce. The Hamburg-based division of Barclays has been active in Germany since 1991 and has over 2 million customers with around 700 employees. The acquisition will allow BAWAG to expand its credit card business and gain valuable insights from an experienced team.
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Overall, this acquisition marks a significant milestone for BAWAG Group as they continue to expand their presence in Europe’s financial markets while gaining valuable expertise in the credit card business.
