4th Apr 2007 14:44
Barclays PLC04 April 2007 4th April 2007 BARCLAYS PLC BARCLAYS PLC PARTIAL SALE OF MONUMENT BUSINESS TO COMPUCREDIT CORPORATION Barclays PLC ('Barclays') today announces the sale of part of the Monumentcredit card portfolio ('the Sale Portfolio'). Barclays credit card and consumerlending business, Barclaycard, has agreed to sell the Sale Portfolio andassociated servicing capabilities to CompuCredit International AcquisitionCorporation and CompuCredit UK Limited, which are both subsidiaries ofCompuCredit Corporation ('CompuCredit') for a consideration of approximately£390 million payable in cash. The consideration is subject to final adjustmentfollowing determination of the actual amount of the gross receivables sold. Theconsideration is expected to be finalised during the second quarter of 2007. The Sale Portfolio is being sold for a consideration which is broadly in linewith net book value and includes approximately £490 million of grossreceivables, including a tranche of accounts in collections. The Sale Portfoliorepresents about 2% of Barclaycard's loans and advances to customers as at 31stDecember 2006. Barclaycard will retain a proportion of the Monument portfolio, representingapproximately £130 million of receivables, which are primarily higher qualityaccounts and will integrate this with the main Barclaycard branded book. - ENDS - Contacts at Barclays: Mark Merson/James S Johnson Alistair SmithInvestor Relations, Barclays PLC Public Relations, Barclays PLCTel: +44 (0) 207 116 5752/2927 Tel: + 44 (0) 207 116 6132 Ian BarberPublic Relations, BarclaycardTel: + 44 (0) 1604 25 1229 About Barclays Barclays PLC is a major global financial services provider engaged in retail andcommercial banking, credit cards, investment banking, wealth management andinvestment management services. We are one of the largest financial servicescompanies in the world by market capitalisation. Operating in over 50 countriesand employing 123,000 people, we move, lend, invest and protect money for over27 million customers and clients worldwide. With over 300 years of history andexpertise in banking, Barclays PLC has six major businesses. UK Banking delivers banking products and services to over 14 million retailcustomers and 780,000 businesses in the UK. Barclaycard is one of the leading credit card businesses in Europe, and has 9.8million UK customers and 6.4 million international cards in issue. Barclays International Retail and Commercial Banking operations have over 2million international clients, in geographies which currently include France,Spain, Portugal, Italy, India, Africa and the Middle East. Absa has anadditional 8.3 million retail customers in South Africa. Barclays Capital, the investment banking division, provides corporate,institutional and government clients with solutions to their financing and riskmanagement needs. Barclays Global Investors is one of the world's largest asset managers and aleading provider of investment management products and services. Total assetsunder management at 31st December 2006 were US$1.8 trillion. Barclays Wealth serves affluent, high net worth and intermediary clients worldwide, providing private banking, asset management, stockbroking, offshore banking, wealth structuring and financial planning services. At 31st December 2006, total client assets were £93 billion. For further information about Barclays visit: www.barclays.com. About CompuCredit CompuCredit Corporation is a specialty finance company and marketer of brandedcredit cards and related financial services. CompuCredit provides these servicesto consumers who are underserved by traditional financial institutions. Throughcorporate and affinity contributions focused on the underserved and un-bankedcommunities, CompuCredit also uses its financial resources and volunteer effortsto address the numerous challenges affecting its customers. For more informationabout CompuCredit, visit http://www.CompuCredit.com. Forward looking statements This announcement contains certain forward-looking statements within the meaningof Section 21E of the US Securities Exchange Act of 1934, as amended, andSection 27A of the US Securities Act of 1933, as amended, with respect tocertain of the Group's plans and its current goals and expectations relating toits future financial condition and performance. By their nature, forward-looking statements involve risk and uncertainty becausethey relate to future events and circumstances, including, but not limited to,UK domestic and global economic and business conditions, market related riskssuch as changes in interest rates and exchange rates, the policies and actionsof governmental and regulatory authorities, changes in legislation and theimpact of competition- a number of which factors are beyond the Group's control.As a result, the Group's actual future results may differ materially from theplans, goals, and expectations set forth in the Group's forward-lookingstatements. Any forward-looking statements made by or on behalf of Barclaysspeak only as of the date they are made. Barclays does not undertake to updateforward-looking statements to reflect any changes in Barclays expectations withregard thereto or any changes in events, conditions or circumstances on whichany such statement is based. The reader should, however, consult any additionaldisclosures that Barclays has made or may make in documents it has filed or mayfile with the SEC. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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