Barclays PL (BCS)

Barclays PLC (or Barclays), an international financial services group engaged primarily in banking, investment banking, and asset management, is one of the largest in the UK, with 1.22 trillion (US$2.44 trillion) in assets as of the end of 2007. While Barclays also operates overseas, the majority of revenues (57% in 2007) are derived from businesses operating in the UK.

Barclays' operations are divided into seven major groups: Barclays Capital (accounting for 31% pretax earnings in 2007), Barclays Commercial Bank (18%), UK Retail Banking (17%), Global Retail and Commercial Banking (12%), Barclays Global Investors (10%), Barclaycard (8%), and Barclays Wealth (4%).

Barclays Capital, the investment banking division of Barclays, offers financing and risk management products and services to corporate, institutional, and government clients and has leading positions in European debt (#1 in the league table in 2007), sterling bonds (#1), and all international bonds (#2).

Through Barclays Commercial Bank and the UK Retail Bank, Barclays offers a complete line of banking products to 15 million personal customers, 724,000 business and commercial bank customers, and 270,000 affluent customers though its over 1,700 branch office network.

Global Retail and Commercial Banking, with 89.5 billion in assets and over 2,000 branches at December 31, 2007, provides a range of banking services, including current accounts, savings, mortgages, and loans to personal and corporate customers across Spain, Portugal, France, Italy, the Caribbean, Africa, and the Middle East.

Barclays Global Investors (BGI) is one of the world's largest asset managers and a leading global provider of investment management products and services, with 3,000 institutional clients in 47 countries. Assets under management as of December 31, 2007 totaled US$2.1 trillion.

Barclaycard, Barclays' credit card subsidiary, is the largest in the UK and a leader in Europe, with almost 19 million cards issued in total.

Barclays Wealth, with 132.5 billion of total client assets at yearend 2007, serves affluent, high net worth, and corporate clients in the UK and Europe, providing private banking, stock broking, asset management, and financial planning services.

Barclays' financial targets for the period 2008-2011 include generating economic profit (as defined) of 9.3-10.6 billion over the four-year period, which would represent compound annual growth of 5-10%. This will translate into top quartile total shareholder return. In addition, Barclays targets minimum ratios of Tier 1 capital of 7.25% and Tier 1 equity of 5.25% under Basel II. Barclays enjoys long-term credit ratings of Aa1 from Moody s, AA from S&P, and AA from Fitch (reduced from AA+ in April 2008).

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