Barclays and Blackstone Credit & Insurance Agree To Sell Approximately $1.1B Of Currently Outstanding Credit Card Receivables
Portfolio Pulse from Benzinga Newsdesk
Barclays PLC and Blackstone Credit & Insurance have announced an agreement where Barclays Bank Delaware will sell approximately $1.1 billion of credit card receivables to Blackstone's Asset Based Finance group. This sale is part of Barclays' strategy to reduce risk-weighted assets and increase lending capacity. The transaction includes a long-term servicing arrangement, with BBDE continuing to service the accounts. The deal is expected to release about GBP£1.0 billion of RWAs for Barclays and is set to fund in Q1 2024. Barclays Bank PLC also acted as the structuring advisor and liquidity provider for the transaction.

February 27, 2024 | 1:13 pm
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Barclays PLC's sale of $1.1 billion in credit card receivables to Blackstone is part of a strategy to reduce risk-weighted assets and increase lending capacity, expected to release GBP£1.0 billion of RWAs.
The transaction is significant for Barclays as it directly impacts its strategy to reduce risk-weighted assets and increase lending capacity. The expected release of GBP£1.0 billion of RWAs at the group level indicates a positive financial restructuring that could lead to improved financial health and growth opportunities for Barclays.
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