Covered Bond programme - Issuer substitution

Barclays Bank PLC

Barclays Bank PLC €35bn Global Covered Bond Programme (the Programme) - Issuer Substitution

Existing Securities Issued under the Programme (the Securities)

The requirement to ring-fence day-to-day banking services, which must be completed by 1 January 2019, is one of the reforms brought in by the UK government, aiming to strengthen the UK financial system following the financial crisis that began in 2008.

In order to effect ring-fencing, Barclays intends to transfer businesses from Barclays Bank PLC and certain of its subsidiaries to Barclays Bank UK PLC, which are materially those businesses that currently comprise the Barclays UK division (including the related mortgage business).

Holders of Covered Bonds issued under the Programme do not need to take any action for the changes described above to take place. Barclays has obtained approval from the Prudential Regulation Authority and the High Court of Justice of England and Wales to implement the restructuring outlined above using a legal process called a Ring-Fencing Transfer Scheme under Part VII of the Financial Services and Markets Act 2000.

Notice is hereby given that, subject to the approval of the UK Financial Conduct Authority and the London Stock Exchange, certain of the Programme counterparty roles and obligations performed by Barclays Bank PLC, including the role of Issuer of the Securities, are intended to be transferred to Barclays Bank UK PLC via the Barclays ring-fenced transfer scheme on 1 April 2018 (the Substitution), with the Substitution appearing in the records of the UK Listing Authority and the London Stock Exchange from 3 April 2018.

Ends

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About Barclays

Barclays is a transatlantic consumer and wholesale bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 80,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website www.barclays.com 

Information regarding forward-looking statements

This announcement contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements use words such as 'may', 'will', 'seek', 'continue', 'aim', 'anticipate', 'target', 'projected', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', 'achieve', or other words of similar meaning. These statements and estimates are based on the current assumptions, beliefs and expectations of Barclays' management. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances.

Subject to our obligations under applicable law and regulation, we undertake no obligations to update publicly or review any forward-looking statements, whether as a result of new information or otherwise.

The reader should, however, consult any additional disclosures that Barclays has made or may make in documents it has published or may publish via the Regulatory News Service of the London Stock Exchange and/or has filed or may file with the US Securities and Exchange Commission.