Barclays to acquire Walbrook Group Limited

Barclays Bank PLC (“Barclays”) announces that it has signed an agreement to acquire Walbrook Group Limited (“Walbrook”), an independent fiduciary services company. Barclays will finance the transaction out of existing cash resources.

Walbrook is based in Jersey, Guernsey, Isle of Man and Hong Kong where it serves high net worth private clients and corporate customers. As at 31st December 2006 Walbrook had gross tangible assets of £13.5m and £8.6bn of client assets. Barclays will integrate Walbrook into its Wealth Advisory business where it will build on existing Barclays Wealth operations in the Channel Islands, Isle of Man, and Hong Kong. Walbrook’s executive management has committed to staying with and helping to develop the combined business.

Thomas L. Kalaris, Chief Executive of Barclays Wealth, said: “We are delighted to welcome Walbrook to Barclays Wealth. Walbrook has a strong product and client offering and geographical footprint that will complement Barclays Wealth. The acquisition is consistent with our ongoing strategy as we continue to bring a market leading Wealth Management service to our clients.”

Bryan Dix, Chief Executive of Walbrook said: “We are excited by the momentum and the opportunities this transaction creates. Barclays is a great fit, and offers outstanding opportunities for our people, our business growth and, most importantly, for our clients.”