Barclays Technology news article Barclays, the world’s largest technology company, announced a deal to acquire the majority of its US business in a deal worth up to $5bn, including its flagship technology and consumer products businesses.
Barclays will become a wholly-owned subsidiary of US bank Wells Fargo.
The deal will see Barclays buy a minority stake in the company, which employs around 12,000 people in the US.
The company’s existing business, which includes its banking services and technology products, is expected to remain unchanged in the deal.
The bank said the transaction would help it continue to deliver services to customers around the world, as well as expand its global footprint.
Barclays has more than 30 offices across the US and the UK.
“Barclays has always been about delivering exceptional service to our customers, and this will enable us to build on the great success we have had in the UK and to strengthen our presence in new markets such as China, India and South America,” said Barclays chief executive James Gorman.
“This transaction is a strategic and strategic investment that will help us to remain at the forefront of innovation, and I am confident that we can continue to be a global leader in financial services,” Mr Gorman added.
Barclay’s deal is subject to regulatory approval, which could take several years.
Barclays expects the deal to close by the end of 2021.
BarCLAY Technology News article Barclays has become a major force in the financial services industry.
It is one of the world`s biggest technology companies and has its headquarters in London.
Its $16.7bn acquisition of US technology company Wells Fargo, known as Wells Fargo Technology, marks the latest stage in the bank`s transformation into a major technology player.
BarClay Technology News