Barclays Bank PLC has completed the purchase of the Italian residential mortgage business of Macquarie Bank Limited. The business includes a mortgage portfolio with a total outstanding balance of approximately 1.1 billion. As part of the agreement, Barclays has also acquired Macquarie’s operational support functions, including staff.
“Our existing Italian mortgage business has grown through the combination of a prudent lending policy and careful management of customer relationships,” says Frits Seegers, chief executive of Barclays retail and commercial banking arm. “This acquisition augments that business and will be immediately accretive to earnings.”
D.C.