a0229k
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
August
27, 2021
Barclays PLC
(Name
of Registrant)
1 Churchill Place
London E14 5HP
England
(Address
of Principal Executive Office)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover of Form 20-F or Form 40-F.
Form
20-F x Form 40-F
Indicate
by check mark whether the registrant by furnishing the
information
contained
in this Form is also thereby furnishing the information to
the
Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No
x
If
"Yes" is marked, indicate below the file number assigned to the
registrant
in
connection with Rule 12g3-2(b):
This
Report on Form 6-K is filed by Barclays PLC.
This
Report comprises:
Information
given to The London Stock Exchange and furnished pursuant
to
General
Instruction B to the General Instructions to Form 6-K.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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BARCLAYS
PLC
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(Registrant)
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Date:
August 27, 2021
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By: /s/
Karen Rowe
--------------------------------
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Karen
Rowe
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Assistant
Secretary
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27 August 2021
Barclays PLC
Acquisition of $3.8 billion Gap credit card portfolio
Pursuant to the requirements of the UK Listing Rules, Barclays PLC
("Barclays") announces that Barclays Bank Delaware has entered into
an agreement with Synchrony Bank to acquire a portfolio of U.S.
co-branded and private label credit card accounts and receivables
issued in partnership with The Gap, Inc. ("Gap"). The total
portfolio consisted of approximately $3.8 billion of average
receivables as at June 2021, with completion of the acquisition
expected in Q2 2022. The acquisition follows the April 2021
agreement between Gap and Barclays Bank Delaware under which
Barclays Bank Delaware will issue co-branded and private label
credit cards in the U.S. to Gap customers beginning in Q2
2022.
Under the terms of the agreement with Synchrony Bank, as at June
2021 consideration for the portfolio would have been approximately
$3.9 billion. The exact size of the portfolio and consideration
payable will depend on movements in the portfolio up to completion.
The acquisition, which is being financed from Barclays' existing
resources, is estimated to reduce Barclays' CET1 ratio by
approximately 20bps (based on Barclays' CET1 ratio as at 30 June
2021) upon completion in Q2 2022.(1)
(1) As a portfolio acquisition, the profits attributable to the
portfolio under Synchrony Bank's ownership and contractual
arrangements with Gap have not been provided to
Barclays.
- Ends -
For further information, please contact:
Investor
Relations
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Media
Relations
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Chris Manners
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Jon Tracey (U.K.)
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+44 (0) 20 7773 2136
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+44 (0)755 221 4868
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Matthew Fields (U.S.)
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+1 302 255 7807
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About Barclays
Barclays is a British universal bank. We are diversified by
business, by different types of customer and client, and geography.
Our businesses include consumer banking and payments operations
around the world, as well as a top-tier, full service, global
corporate and investment bank, all of which are supported by our
service company which provides technology, operations and
functional services across the Group. For further information about
Barclays, please visit our website home.barclays.
Forward-looking statements
This announcement contains forward-looking statements within the
meaning of Section 21E of the US Securities Exchange Act of 1934,
as amended, and Section 27A of the US Securities Act of 1933, as
amended, with respect to the Group. Barclays cautions readers that
no forward-looking statement is a guarantee of future performance
and that actual results or other financial condition or performance
measures could differ materially from those contained in the
forward-looking statements. These forward-looking statements can be
identified by the fact that they do not relate only to historical
or current facts. Forward-looking statements sometimes use words
such as 'may', 'will', 'seek', 'continue', 'aim', 'anticipate',
'target', 'projected', 'expect', 'estimate', 'intend', 'plan',
'goal', 'believe', 'achieve' or other words of similar meaning.
These statements are based on the current beliefs and expectations
of Barclays' management and are subject to significant risks and
uncertainties. Actual outcomes may differ materially from those
expressed in the forward-looking statements. Factors that could
impact Barclays' future financial condition and performance are
identified in Barclays PLC's filings with the US Securities
Exchange Commission ("SEC") (including, without limitation,
Barclays PLC's Annual Report on Form 20-F for the fiscal year ended
31 December 2020 and Interim Results Announcement for the six
months ended 30 June 2021 filed on Form 6-K, which are available on
the SEC's website at www.sec.gov).