Barclays 2009 Annual Report Download - page 307

www.barclays.com/annualreport09 Barclays PLC Annual Report 2009 305
53 Segmental reporting continued
Barclaycard
Barclaycard is a multi-brand credit card and consumer lending business which also processes card payments for retailers and merchants and issues credit
and charge cards to corporate customers and the UK Government. It is one of Europe’s leading credit card businesses and has an increasing presence in the
United States and South Africa.
In the UK, Barclaycard comprises Barclaycard UK Cards, Barclaycard Partnerships, Barclays Partner Finance and FirstPlus.
Outside the UK, Barclaycard provides credit cards in the United States, Germany, South Africa (through management of the Absa credit card portfolio)
and in the Scandinavian region, where Barclaycard operates through Entercard, a joint venture with Swedbank.
Barclaycard works closely with other parts of the Group, including UK Retail Banking, Barclays Commercial Bank and GRCB – Western Europe and
GRCB – Emerging Markets, to leverage their distribution capabilities.
Global Retail and Commercial Banking – Western Europe
GRCB – Western Europe encompasses Barclays Global Retail and Commercial Banking, as well as Barclaycard operations, in Spain, Italy, Portugal, France
and Russia. GRCB – Western Europe serves customers through a variety of distribution channels. GRCB – Western Europe provides a variety of products
including retail mortgages, current and deposit accounts, commercial lending, unsecured lending, credit cards, investments, and insurance serving the
needs of Barclays retail, mass affluent, and corporate customers.
Global Retail and Commercial Banking – Emerging Markets
GRCB – Emerging Markets serves retail and commercial banking customers in Botswana, Egypt, Ghana, India, Kenya, Mauritius, Pakistan, Seychelles,
Tanzania, Uganda, the UAE, Zambia, Indonesia and Zimbabwe. Through a network of more than 683 distribution points and 1,023 ATMs, we provide
3.7 million customers and clients with a full range of products and services. This includes current accounts, savings, investments, mortgages and
secured and unsecured lending.
Global Retail and Commercial Banking – Absa
GRCB – Absa represents Barclays consolidation of Absa, excluding Absa Capital and Absa Card and Absa Wealth which is included as part of Barclays Capital,
Barclaycard and Barclays Wealth respectively. Absa Group Limited is a South African financial services organisation serving personal, commercial and
corporate customers predominantly in South Africa. GRCB – Absa serves retail customers through a variety of distribution channels and offers a full range of
banking services, including current and deposit accounts, mortgages, instalment finance, credit cards, bancassurance products and wealth management
services. It also offers customised business solutions for commercial and large corporate customers.
Barclays Capital
Barclays Capital is the investment banking division of Barclays that provides large corporate, institutional and government clients with solutions to their
financing and risk management needs.
Barclays Capital services a wide variety of client needs, covering strategic advisory and M&A; equity and fixed income capital raising and corporate lending;
and risk management across foreign exchange, interest rates, equities and commodities.
Activities are organised into three principal areas: Global Markets, which includes commodities, credit products, equities, foreign exchange, interest rate
products; Investment Banking, which includes corporate advisory, Mergers and Acquisitions, equity and fixed-income capital raising and corporate lending;
and Private Equity and Principal Investments. Barclays Capital includes Absa Capital, the investment banking business of Absa. Barclays Capital works
closely with all other parts of the Group to leverage synergies from client relationships and product capabilities.
Barclays Global Investors
The majority of the BGI business, which was previously reported as a separate business segment, was sold on 1st December 2009 to BlackRock, Inc. and
represents the Group’s discontinued operations. The continuing operations of BGI disclosed in the segmental analysis represent residual obligations under
the cash support arrangements and associated liquidity support charges and, from 1st December 2009, include the Group’s 19.9% ongoing economic
interest in BlackRock, Inc. This investment is accounted for as an available for sale equity investment, with no dividends being received during 2009.
Barclays Wealth
Barclays Wealth focuses on private and intermediary clients worldwide providing international and private banking, fiduciary services, investment
management, and brokerage.
Barclays Wealth works closely with all other parts of the Group to leverage synergies from client relationships and product capabilities.
Head Office Functions and Other Operations
Head Office Functions and Other Operations comprises head office and central support functions, businesses in transition and inter-segment adjustments.
Head office and central support functions comprises the following areas: Executive Management, Finance, Treasury, Corporate Affairs, Human Resources,
Strategy and Planning, Internal Audit, Legal, Corporate Secretariat, Property, Tax, Compliance and Risk. Costs incurred wholly on behalf of the businesses
are recharged to them.
Businesses in transition principally relate to certain lending portfolios that are centrally managed with the objective of maximising recovery from the assets.