LONDON, 09-Dec-2016 — /EuropaWire/ — Barclays has previously stated that it will establish a Group Service Company (“ServCo”), which will deliver infrastructure services to the businesses within the Barclays Group. ServCo is intended to meet UK regulatory requirements regarding operational continuity of critical services. ServCo will be a UK incorporated company.
The entity which will become ServCo is Barclays Capital Services Limited, an existing service company within the Barclays group. As of the middle of November 2016, we have transferred this entity to sit as a wholly-owned direct subsidiary of Barclays PLC. This entity is expected to be expanded so that it operates as the Group Service Company by September 2017 and we intend to change its name to Barclays Services Limited to reflect its role in the group. ServCo will have a dedicated management team and will comply with Barclays’ policies and standards.
ServCo has been rated A-/A-2 (long- and short-term) with negative outlook by S&P Global Ratings and its rating currently matches the S&P rating of Barclays Bank PLC, the group’s main operating entity.
Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website www.home.barclays.
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