08:13 AM EDT, 07/05/2024 (MT Newswires) -- BAWAG Group said on Thursday it acquired Hamburg-based Barclays Consumer Bank Europe from Barclays Bank (BCS) Ireland to expand its footprint in the Germany, Austria, and Switzerland region.

As of March 31, Barclays Consumer Bank Europe had gross assets of 4.7 billion Euro ($5.09 billion) primarily comprising of card and loan receivables, of which about 2 billion Euro are credit card receivables.

BAWAG said it would work with the current leadership team to continue growing its retail business in Germany and Austria.

The acquisition, which is expected to close in Q4 or Q1 2025, would result in profit before tax contribution of greater than 100 million euro in 2027 and CET1 impact of about 140 basis points.

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