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Private equity giant Brookfield has snapped up UK lender Barclays’ payments business.
Matt Hammerstein, CEO, Barclays UK Corporate Bank said: “Finding a partner to support us in transforming our payment acceptance business, in a way that will enable us both to serve our clients’ interests better and pursue a path to releasing value from the business, demonstrates clear execution of our three-year plan to become a simpler, better and more balanced bank. We have a leading position in the UK, but we know that our payments clients are increasingly looking for integrated connectivity, an end-to-end service and tailored technological solutions from their payments providers. Our partnership with Brookfield recognises the opportunity within our business to go beyond the foundations we have built to date.”
Sir Ron Kalifa, Vice Chair and Head of Financial Infrastructure, Brookfield said: “Payments systems need to adopt a digital-first and data-led approach to provide world-class solutions to clients. We’re excited to draw on our deep global payments expertise to partner with Barclays and together deliver the operational transformation required to create the market leader, well-positioned to drive the growth of the UK’s digital economy with innovative and integrated payment solutions.”
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