The assets consist of approximately 1.15 million credit card accounts with approximately £2.3 billion of gross receivables.
Egg’s British credit card assets consisted of 1.15 million accounts with approximately $3.75bn of gross receivables.
Barclays said it bought the credit card business at a significant discount from the receivables, but the price was not disclosed.
Completion of the deal is expected to occur during the first half of 2011.
Barclays finance director Chris Lucas said the acquisition of Egg’s UK credit card accounts has been priced at a significant discount to gross receivables. Based on current projections, Barclays expects the transaction to exceed the financial return targets set out at Barclays’ recent results announcement.
Citigroup has been trying to sell units after the New York-based bank received a $45bn bailout from the US government.
Citigroup said it has reduced assets within its Citi Holdings unit, which comprises those businesses, loans and securities targeted for sale, by more than $400bn since the first quarter of 2008.
