Barclays purchases Italian mortgage business from Macquarie

Barclays Bank PLC (’Barclays’) has completed the purchase of the Italian residential mortgage business of Macquarie Bank Limited. The business includes a mortgage portfolio with a total outstanding balance of approximately €1.1 billion. As part of the agreement, Barclays has also acquired Macquarie’s operational support functions, including staff.

Frits Seegers, Chief Executive of Barclays retail and commercial banking arm, said: “Our existing Italian mortgage business has grown through the combination of a prudent lending policy and careful management of customer relationships. This acquisition augments that business and will be immediately accretive to earnings.”