BAWAG Group has acquired the German retail business of British major bank Barclays in a strategic move to expand its presence in Austria, Germany, Switzerland, and the Netherlands. The acquisition will bring expertise in the credit card business to BAWAG and contribute more than EUR 100 million to earnings before taxes by 2027 when the transaction will be fully integrated.
According to BAWAG CEO Anas Abuzaakouk, this acquisition is a strategic fit for the bank in terms of product offering, market presence, customer base, and workforce. The Hamburg-based division of the British bank has been active in Germany since 1991 and has over 2 million customers with around 700 employees. This acquisition will allow BAWAG to strengthen its position as a leading player in the German retail banking market.
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