Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 375

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 375
---
 Bank; and (iii) the cost and timing to achieve full separation of Tesco Bank from the businesses that remain with Tesco Personal Finance PLC (i.e. Tesco Insurance and Money Services). The success of the transaction, including anticipated benefits and cost savings, will depend, in part, on the ability to successfully integrate the operations of both firms. Integrating an acquired business can be both challenging and costly, requiring changes to accounting systems, data processing systems and management controls. The integration process could disrupt ongoing operations or lead to inconsistencies in controls, procedures and policies, which could negatively impact the Group's ability to maintain relationships with customers, suppliers and other business stakeholders, including Tesco Stores Limited. The establishment of the Tesco Partnership introduces complexity and could adversely impact the overall benefits achieved. Additionally, the loss of key colleagues in connection with the acquisition could adversely affect the Group's ability to successfully conduct its business. While the Group has completed the Tesco Bank acquisition, certain infrastructure continues to be shared with the business retained by Tesco Personal Finance PLC (i.e., Tesco Insurance and Money Services) to ensure continuity of both operations. The cost and timing to complete this separation may vary from anticipated plans, and will require changes to accounting systems, data processing systems and management controls. ix) Card Partnerships The Group maintains several co-branded credit cards and credit card partnership agreements in the US and the UK. Such arrangements are a means of reaching new customers and expanding brand reach, but there is significant competition among card issuers for these relationships. A deterioration in or failure to maintain

| Strategy                                         | Shareholderinformation | Climate andsustainability report | Governance |     | Riskreview | Financialreview | Financialstatements |     | Barclays PLC 2024Annual Reporton Form 20-F | 199 |
| Material existing and emerging risks (continued) |                        |                                  |            |     |            |                 |                     |     |                                            |     |

these credit card relationships with co- brand partners, including non-renewal of contracts with existing partners, early termination of partnership arrangements due to a contractual breach and changes in consumer behaviour regarding spending patterns, could have a negative impact on the Group’s business, results of operations, financial condition and prospects. Material existing and emerging risks impacting individual principal risks i) Climate risk Climate risk is the risk of financial losses arising from climate change, through physical risks and risks associated with transitioning to a lower carbon economy. The effects of climate change may be highly significant in their breadth and magnitude and could affect a large