Barclays to sell $1.1bn of card debt to Blackstone - report

(Sharecast News) - Barclays is reportedly selling $1.1bn of credit-card receivables to Blackstone as part of a push by the bank to clear up space on its balance sheet for more lending. According to Bloomberg, Barclays will be able to reduce its level of risk-weighted assets by £1bn ($1.3bn) as part of the deal.

Under the terms of the agreement, Barclays will continue to service the accounts for a fee.