Barclays has completed the migration of all Woolwich customers onto Barclays products and infrastructure, it said today.
The completion of the bank’s Woolwich integration programme was confirmed just over a year after Barclays announced that the Woolwich brand was to become the Barclays UK mortgage brand, supported by Barclays branches, and that Woolwich branches would be either closed or re-branded as Barclays. It is seven years since Barclays acquired Woolwich, a former building society that demutualised in 1997.
Woolwich accounts were migrated to Barclays in the first half of the year and Barclays’ inherited Woolwich call centre operation in Clacton-on-Sea – one of four the bank had been running in the UK as separate business units – is also set for closure.
Barclays said it its UK retail banking division had invested heavily in improving core operations and processes in the past six months, while its investment management operation Barclays Global Investors was another big spender on systems, as the unit continued its strategic investment programme with a build-out across multiple products and platforms.
Barclays’ group profits before tax for the six months to 30 June reached £4.1bn, from £3.67bn a year ago. Total income rose to £11.9bn from £10.97bn. UK retail profits grew 9% to £651m.
Barclays said it remains confident about its bid for ABN Amro, but said its success would depend on its share performance over the next two months.
The protracted takeover battle has pitted Barclays against a consortium led by Royal Bank of Scotland.