Barclays snaps up credit card unit

BARCLAYS has bought Citi's Italian credit card business for an undisclosed sum.

The assets include about 197,000 accounts and gross assets of about 234 million (204.8m).

The group will rebrand the business under its Barclaycard name "over time".

Leo Salom, chief executive of Barclays Global Retail and Commercial Banking for Western Europe, said the purchase "will create significant scale for continued growth and development" in Italy.

Barclays is targeting northern Italy, Spain and Portugal for expansion, and last year bought Citi's credit card business in Portugal.