Primerica to Buy Barclays’ U.S. Loans: Financial...
From Times Staff and Wire Reports
Primerica to Buy Barclays’ U.S. Loans: Financial giant Primerica Corp. has agreed to buy the loan portfolio of the U.S. consumer-lending unit of Britain’s Barclays Bank PLC in a cash deal valued at $1.35 billion, both companies announced. Under the agreement, Primerica’s lending subsidiary, Commercial Credit Co., will buy assets worth $1.3 billion of BarclaysAmerican-Financial, a unit of BarclaysAmericanCorp., which is the U.S. subsidiary of Barclay’s. The sale price, therefore, represents a $50-million premium over the total value of the loan portfolio.
