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Barclays PLC

Diversified Universal Banking and Financial ServicesFounded 1690
Reviewed by Swet Parvadiya
Company data updated: September 2026

Acquisitions

Barclays Acquisitions

4

Major Deals Covered

$16.1B

Disclosed Deal Value

What are Barclays's biggest acquisitions?

Barclays's largest disclosed acquisition here is The Woolwich for $8B in 2000. This page covers 4 major deals from 2000 to 2012, each with its price where disclosed and the reason behind it.

Major deals covered
4
Largest deal
The Woolwich ($8B)
First deal
2000
Most recent
2012
CompanyYearPricePurpose
The Woolwich2000$8.0BBarclays acquired The Woolwich, the UK's second-largest building society, in a $5.7 billion deal to instantly cement its dominance in the British mortgage market and significantly expand its retail deposit base, defending its market share against aggressive competitors like HBOS.
Absa Group (Majority Stake)2005$5.5BBarclays acquired a majority stake in the South African financial services group Absa (then Amalgamated Banks of South Africa) to establish a dominant retail and corporate banking footprint in the rapidly growing African continent, using its expertise in emerging market banking.
Lehman Brothers North America2008$1.4BIn a frantic weekend rescue during the height of the global financial crisis, Barclays acquired the North American investment banking and trading operations of the collapsed Lehman Brothers. The purpose was to instantly acquire an US balance sheet, top technology infrastructure, and thousands of top-tier investment bankers, transforming Barclays into a global bulge-bracket leader.
ING Direct UK2012$1.2BBarclays purchased the UK operations of ING Direct for $952 million to acquire a high-quality portfolio of retail savings deposits and a rapidly growing online banking customer base, further strengthening its retail funding franchise in the aftermath of the European sovereign debt crisis.
What companies has Barclays bought?
Major acquisitions by Barclays documented here include The Woolwich (2000), Absa Group (Majority Stake) (2005), Lehman Brothers North America (2008) and ING Direct UK (2012).
What is Barclays's most recent acquisition?
The most recent Barclays acquisition documented here is ING Direct UK, in 2012, for $1.2B.

ING Direct UK

2012

$1.2B

Why

Barclays purchased the UK operations of ING Direct for $952 million to acquire a high-quality portfolio of retail savings deposits and a rapidly growing online banking customer base, further strengthening its retail funding franchise in the aftermath of the European sovereign debt crisis.

Impact

The acquisition instantly added over $25 billion in retail deposits to Barclays' balance sheet, significantly improving its loan-to-deposit ratio and reducing its reliance on volatile wholesale funding markets during a period of extreme market stress.

Outcome

ING Direct UK was smoothly rebranded and integrated into Barclays' retail banking operations, providing a boost to the bank's liquidity metrics and cementing its dominance in the UK digital savings market.

Source →

Lehman Brothers North America

2008

$1.4B

Why

In a frantic weekend rescue during the height of the global financial crisis, Barclays acquired the North American investment banking and trading operations of the collapsed Lehman Brothers. The purpose was to instantly acquire an US balance sheet, top technology infrastructure, and thousands of top-tier investment bankers, transforming Barclays into a global bulge-bracket leader.

Impact

The acquisition instantly granted Barclays a dominant foothold in the US capital markets, allowing it to compete directly with Wall Street giants. It provided the critical mass and scale necessary to become a top-tier global dealer in fixed-income and equity markets.

Outcome

Despite the large integration challenges and the subsequent toxic macroeconomic environment, the Lehman assets became the foundation of Barclays' profitable investment banking division, generating billions in annual trading revenues and cementing its status as a global systemic bank.

Source →

Absa Group (Majority Stake)

2005

$5.5B

Why

Barclays acquired a majority stake in the South African financial services group Absa (then Amalgamated Banks of South Africa) to establish a dominant retail and corporate banking footprint in the rapidly growing African continent, using its expertise in emerging market banking.

Impact

The acquisition provided Barclays with a diversified retail banking network across South Africa and the broader African continent, generating significant revenue diversification and exposing the bank to the high-growth, high-yield African consumer market.

Outcome

After nearly two decades of operation, Barclays ultimately decided to retreat from the capital-intensive African retail market to focus on its core UK and global corporate franchises, completing the demerger of Absa in 2017 to unlock trapped capital and simplify its global structure.

Source →

The Woolwich

2000

$8.0B

Why

Barclays acquired The Woolwich, the UK's second-largest building society, in a $5.7 billion deal to instantly cement its dominance in the British mortgage market and significantly expand its retail deposit base, defending its market share against aggressive competitors like HBOS.

Impact

The acquisition added over $51 billion in mortgage assets and a loyal retail deposit base to Barclays' balance sheet. It provided the bank with a stable, low-cost funding source that would prove invaluable during the liquidity crunches of the 2008 financial crisis.

Outcome

The integration of The Woolwich was successful, transforming Barclays UK into the leader in the UK mortgage market and providing the stable retail funding engine that continues to anchor the bank's balance sheet today.

Source →

Barclays PLC's Growth & Acquisition Strategy

Under pressure to lift its share price, Barclays is cutting costs and shifting toward businesses that need less capital. It announced a restructuring to shrink the investment bank's share of the group and reinvest in its retail and corporate businesses. The goal is steadier, more predictable returns for shareholders.

How Barclays PLC Makes Money

Barclays operates a 'universal banking' model, aiming to do everything for everyone. In the UK, they operate like a traditional utility, taking in cheap consumer deposits and issuing mortgages and credit cards (Barclaycard). Globally, the investment bank generates revenue entirely differently, acting as a large middleman. They earn large fees by helping giant corporations issue corporate bonds, hedging currency risks for multi-national conglomerates, and executing large blocks of stock trades for institutional hedge funds.

Barclays Acquisitions FAQ

When and under what crisis circumstances did Barclays acquire Lehman Brothers' North American business?

On September 17, 2008, following Lehman Brothers' bankruptcy during the financial crisis, Barclays acquired Lehman Brothers' North American investment banking, fixed income, and trading operations for $1.75 billion ($250M for business assets and $1.5B for Manhattan headquarters), instantly creating a Wall Street leader.

When did Barclays acquire the retail banking operations of Tesco Bank?

In February 2024, Barclays agreed to acquire the retail banking operations of Tesco Bank for ~$792 million (£600 million), taking on ~$11 billion (£8.3 billion) in customer deposits and ~$8.84 billion (£6.7 billion) in credit card and personal loan balances alongside an exclusive 10-year retail distribution partnership.

When did Barclays acquire London stockbroker de Zoete & Bevan and Wedd Durlacher to create BZW?

During the 1986 UK financial deregulation ('Big Bang'), Barclays acquired leading jobbers Wedd Durlacher Mordaunt and broker de Zoete & Bevan, merging them to create Barclays de Zoete Wedd (BZW), the direct predecessor to Barclays Investment Bank.

When did Barclays acquire South African banking group Absa Group?

In 2005, Barclays acquired a 56.4% majority stake in Absa Group for £2.6 billion ($5.5 billion) to expand across Africa, later selling down its controlling stake between 2016 and 2017 to refocus capital on UK and US transatlantic markets.

When did Barclays acquire credit card issuer Juniper Financial in the United States?

In December 2004, Barclays acquired Delaware-based credit card issuer Juniper Financial for $293 million, using it as the foundational platform to build Barclays US Consumer Bank into a top-10 U.S. co-branded card issuer.

When did Barclays acquire Woolwich PLC to expand UK residential mortgages?

In October 2000, Barclays acquired former building society Woolwich PLC for ~$7.13 billion (£5.4 billion), instantly doubling its UK residential mortgage market share and acquiring the Woolwich mortgage brand.

When did Barclays acquire UK specialized mortgage lender Kensington Mortgages?

In March 2023, Barclays completed the acquisition of specialized UK residential mortgage lender Kensington Mortgage Company for approximately $3.04 billion (£2.3 billion), expanding its capabilities in self-employed and complex specialist lending.

How does Barclays integrate acquired banking portfolios into its shared operating platforms?

Barclays migrates customer deposit accounts and credit card portfolios onto its centralized digital banking core, integrates risk management under the Barclays Group internal model, and uses its national branch and mobile app networks.

Did Barclays buy Lehman Brothers?

In a massive, historic move during the 2008 financial crisis, Barclays acquired the North American investment banking and trading divisions of the bankrupt Lehman Brothers for just $1.75 billion.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.