British bank Barclays (BARC.L) is to buy the British credit card assets of online bank Egg from U.S. lender Citigroup (C.N) for an undisclosed price, as part of plans to boost its retail banking business. Barclays said on Tuesday that Egg's British credit card assets consisted of 1.15 million accounts with approximately 2.3 billion pounds ($3.75 billion) of gross receivables. "The acquisition of Egg's UK credit card accounts has been priced at a significant discount to gross receivables. Based on current projections, we expect the transaction to exceed the financial return targets set out at our recent results announcement," finance director Chris Lucas said.
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