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Preparing for ring-fencing

We’ve changed the way we structure our organisation to make it simpler and prepare for UK ring-fencing requirements.

 

Why we've made a change

Ring-fencing of day-to-day banking services is one of the reforms brought in by the UK government, aiming to strengthen the financial system following the financial crisis that began in 2008.

Following the court’s approval on 9 March 2018, Barclays has satisfied this requirement by setting up a new ring-fenced bank, Barclays Bank UK PLC (BBUKPLC), in April 2018, which is separate from Barclays Bank PLC. The two entities operate alongside, but independently from, one another as part of the Barclays Group under the listed entity, Barclays PLC. Both entities are supported by the Barclays Services Limited.

Barclays Bank UK PLC

BBUKPLC and its subsidiaries provide day-to-day products and services to individuals and businesses (with a turnover less than £6.5m) in the UK.

This includes:

Barclays Bank PLC

Products and services designed for our larger corporate, wholesale and international banking clients will continue to be offered by Barclays Bank PLC and its subsidiaries.

This includes:

Personal and Premier Banking

All Personal (including Premier Banking and Mortgage) customers of Barclays Bank PLC whose products and services are held in the UK, have been transferred to our ring-fenced bank, Barclays Bank UK PLC (BBUKPLC).

Barclaycard Business UK and Barclaycard Personal non-UK

All personal credit card and bPay customers of Barclays Bank PLC, whose accounts are held outside of the UK will continue to be served by their existing entity. This includes:

  • Any Barclaycard Germany and Barclaycard US customers
  • Corporate credit card and payment processing customers and clients (including clients of The Logic Group, all business clients with a Barclaycard Commercial credit/charge card and any customer with a Barclaycard Payment Solution product)
  • Any customer or client of Barclays Partner Finance

 

 

Business Banking

All Business Banking customers of Barclays Bank PLC have been transferred to our ring-fenced bank, Barclays Bank UK PLC (BBUKPLC).

Corporate Banking

All Corporate Banking customers of Barclays Bank PLC will continue to be served by this entity. This includes:

  • Any Corporate Banking customer of Barclays Bank PLC, including those whose accounts are held outside of the UK
  • Any Corporate Banking customer of any other entity in the Barclays Group (such as Barclays Bank Ireland PLC)
     

 

 

Barclaycard Personal UK

All personal credit card and bPay customers of Barclays Bank PLC, whose accounts are held in the UK, have been transferred to our ring-fenced bank, Barclays Bank UK PLC (BBUKPLC).

Investment Bank

All Investment Bank clients and counterparties will continue to be served by their existing entity, Barclays Bank PLC and its subsidiaries. The Investment Bank has not transferred any of its clients or counterparties to the ring-fenced bank, Barclays Bank UK PLC (BBUKPLC).


 

Wealth & Investments

Wealth & Investments is part of the UK ring-fenced bank, Barclays Bank UK PLC (BBUKPLC), focuses on financial products and services to UK clients.

This business includes our Wealth Management and Private Clients offerings and will also include Smart Investor later this year.

Private Bank & Overseas Services

Private Bank & Overseas Services, remains part of Barclays Bank PLC, offering eligible UK clients and international clients a broader range of financial products and services

 

Barclays Services Limited

Barclays Services Limited delivers services to the Barclays Group and its divisions (Barclays UK and Barclays International). Its purpose is to provide world-class services that are high quality, efficient and cost effective. This will help drive the optimisation of Barclays as a whole and deliver value to our shareholders.

Barclaycard

Mortgages

Corporate and Business Banking

Wealth & Investments