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Barclay’s expanding US credit card operations

October 11, 2012

A major British financial institution recently made headlines when it announced that it would be expanding its credit card program in the United States to increase profit margins.

A major British financial institution recently made headlines when it announced that it would be expanding its credit card program in the United States to increase profit margins.

The Wall Street Journal reports that Barclay’s is getting ready to introduce its first bond deal, which will be supported by credit card loans in the U.S. The leadership of the firm said that the move was meant to help expand its business in the country and take advantage of significant opportunities.

“It’s part of making sure we have diverse, broad and, frankly, inexpensive cost of funds for our business,” said Amer Sajed, CEO of Barclay’s, in an interview with the news source. “If I want to really get to a large step-change growth in the U.S., I don’t want to rely on the mothership for funding my growth. I want to be able to fund my own growth.”

The firm is making other moves as well to increase its portfolio. In recent days, the company bought ING’s British savings and loan business, which has 1.5 million customers who have $17.6 billion in deposits.

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