Barclays to Buy Juniper Financial from CIBC
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British bank Barclays said it would buy credit card company Juniper Financial Corp. from Canadian Imperial Bank of Commerce for $293 million in cash, gaining a toehold in the U.S. consumer banking market.
Fast-growing Juniper, based in Wilmington, Del., has $1.4 billion in receivables and 700,000 accounts.
It was founded in 2000 and issues cards for companies including hotel operator Best Western International Inc. and Frontier Airlines Inc.
Juniper would increase the number of Barclaycard’s non-British retail customers by almost 40%, to about 2.5 million. Overall, the deal means Barclaycard would claim more than 13 million customers.
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