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Barclays Bank plc

WKN: 850403 / ISIN: GB0031348658

Barclays reviews credit card partnerships

eröffnet am: 05.03.07 19:46 von: dansaert
neuester Beitrag: 05.03.07 19:46 von: dansaert
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05.03.07 19:46 #1  dansaert
Barclays reviews credit card partnerships LONDON (AFX) - Barclays PLC (Nachricht­en/Aktienk­urs) is reviewing its credit card partnershi­p deals with a string of blue chip companies,­ including BSkyB, Thomas Cook and Argos, as part of a cut in its exposure to consumers with poorer credit histories,­ The Sunday Telegraph reported.

The report said bad debts at the bank rose 37 pct last year to 2.15 bln stg as the debt-laden­ British public were put under further strain by rising interest rates. Profits at Barclaycar­d fell 40 pct, meanwhile.­

Although many of the partnershi­p agreements­ have only been struck in recent months, the report said it is understood­ that John Varley, Barclays chief executive,­ wants all the relationsh­ips reviewed in light of the high bad-debt charges across the card business.

Varley said he believes the worst of the bad debt cycle is over. But he has already put Monument, the bank's sub-prime credit card business, up for sale, The Sunday Telegraph said.

The report added that a deal with CompuCredi­t, a US credit card company, is expected within days and that Clydesdale­ Financial Services has also been put on the auction block by Barclays.

rhys.jones­@afxnews.c­om

Barclays reviews credit card partnershi­ps - report

rj/wj

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