As part of its efforts to optimize its balance sheet and focus on consumer lending, Barclays (BCS) announces the sale of roughly $1.1 billion in credit card receivables to Blackstone (BX).
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Barclays has agreed to sell about $1.1 billion of credit card debt in the United States to Blackstone, in a deal the British bank said would free up capacity to expand lending and reduce balance sheet risk. to prioritise growing lending to consumers, and would reduce the bank's risk weighted assets by around 1 billion pounds. Blackstone's investment has been made through insurance accounts managed by the company's asset-based finance group.