Banks - Austrian Bawag Group takes over Barclays in Hamburg
The Austrian Bawag-Group is taking over the German retail business of Barclays Consumer Bank Europe (Barclays) based in Hamburg. The completion of the transaction is expected to take place in the last quarter of this year or the first quarter of 2025, according to the Vienna-listed holding company. Barclays, a branch of Barclays Bank Ireland, reportedly employs around 700 employees in Hamburg and serves approximately two million female and male customers as a credit card provider. The company is well-known in Hamburg for being the namesake of the multi-functional arena for sports and cultural events in the Bahrenfeld district. The arena is located near Hamburg SV's Volksparkstadion, the stadium of the second league football team.
"We are excited about taking over Barclays' German consumer credit business and the many opportunities it presents for the group," explained the Chairman of the Board of Directors of the Bawag-Group, Anas Abuzaakouk. It fits strategically very well - and in terms of product offerings, market presence, customer base, and the Hamburg team, which brings strong expertise in the credit card business." The group is looking forward to "welcoming the entire team and building on the solid foundation that has already been created."
Barclays CEO Tobias Gries called the acquisition "a confirmation of the successful business our teams have built on the German market over the past decades." Neither party made any statements regarding the purchase price.
The Bawag-Group reportedly serves around 2.1 million customers in Austria, Germany, Switzerland, the Netherlands, Western Europe, and the USA. In the previous year, it generated operating earnings of around 1.5 billion Euros and achieved a net profit of around 680 million Euros.
- The Barclays Consumer Bank Europe, with its German retail operations based in Hamburg, is being taken over by the Austrian Bawag-Group.
- The Bawag-Group, which is listed in Vienna, is looking forward to welcoming the 700-strong Barclays team in Hamburg, known for their expertise in private customer business and credit card provision.
- Barclays, a division of Barclays Bank Ireland, has a strong presence in the German market, serving over two million customers in Hamburg with its credit card services.
- The Barclays private customer business in Hamburg is set to transition to the German operations of the Bawag-Group, which has a significant presence in various European countries and the USA.
