Company: BCS
Filing Date: 2025-02-13
Form Type: 6-K
Source: 0001654954-25-001446
Chunk: 13

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 6-K
Chunk 13
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 well as from the disposal of the German consumer finance business:

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Acquisition of Tesco Bank's retail banking business : on 9 February 2024, Barclays entered into an agreement with Tesco Personal Finance plc to acquire certain assets and liabilities of its retail banking business (including credit cards, unsecured loans and deposits) conducted under the "Tesco Bank" brand. The High Court approved the transfer on 17 October 2024, and it became effective on 1 November 2024. The acquisition generated an income gain of £556m as a result of consideration payable for the net assets being lower than fair value, partially offset by the post-acquisition impairment charge from IFRS 9 recognition of £ 209m, generating a day 1 net profit before tax impact of £347m

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Disposal of Italian retail mortgages: on 24 April 2024, Barclays announced a transaction under which Barclays Bank Ireland PLC intended to dispose of its performing Italian retail mortgage portfolio, held in Head Office. The sale completed in Q224, generating a loss on disposal of £220m and reduced RWAs by £0.8bn

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On 22 October 2024 Barclays agreed the sale of its non-performing Italian retail mortgage portfolio, with the sale of the vast majority of loans completing during Q424. The sale of the small residual amount of loans is expected to complete later in Q125. The transaction generated a small pre-tax loss of £26m, and will reduce RWAs by c.£100m

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Barclays remains in discussion with respect to the disposal of the remaining Swiss-Franc linked Italian retail mortgage portfolio. Should the sale occur, it is expected to generate a further small loss on sale and reduce RWAsby c.€200m, and be broadly neutral to Barclays’ CET1 ratio

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Disposal of German consumer finance business: on 4 July 2024, Barclays Bank Ireland PLC agreed the sale of its German consumer finance business (comprising credit cards, unsecured personal loans and deposits) to BAWAG P.S.K., a wholly-owned subsidiary of BAWAG Group AG, for a small premium to tangible book value. When including disposal costs and accounting adjustments as required by IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations), Barclays has recorded a £9m loss for the disposal group within Head Office for FY24. After the balance sheet date, Barclays announced it had completed the sale, resulting in an