Barclays Bank UK PLC (09740322): Company Spotlight
Executive Summary
Barclays Bank UK PLC (Company Number 09740322) serves as the legally segregated, ring-fenced retail and business banking operation of the Barclays Group, holding £244.4bn in customer deposits and £206.4bn in customer loans at year-end 2024. Wholly owned by ultimate parent Barclays PLC, the entity generated total income of £8,423m and a profit before tax of £3,560m in FY24, supported by the strategic acquisition of Tesco Bank's retail operations in November 2024. Legal counsel, institutional lenders, and risk managers evaluating this entity must account for its operational reliance on Barclays Execution Services Limited for shared services, alongside strict regulatory capital constraints enforced under UK ring-fencing rules.
What the Numbers Show
Barclays Bank UK PLC was incorporated on 19 August 2015 as Barclays UK and Europe PLC, changing its name to Barclays Bank UK PLC on 15 June 2017. It was established to meet statutory obligations under the Financial Services (Banking Reform) Act 2013, obtaining its restricted banking licence in April 2017 before commencing full ring-fenced operations on 28 March 2018. Prior to April 2018, the entity functioned primarily as a clean corporate shell and holding company.
In FY24, consolidated group accounts reflect a major expansion in scale. Total income rose 10% year-on-year to £8,423m (FY23: £7,670m), while profit before tax expanded by 33.3% to £3,560m (FY23: £2,671m). Profit after tax reached £2,620m after incurring a tax expense of £940m.
FY23 Income: £7,670m ───► FY24 Income: £8,423m (+10.0%)
FY23 PBT: £2,671m ───► FY24 PBT: £3,560m (+33.3%)
FY23 PAT: £1,922m ───► FY24 PAT: £2,620m (+36.3%)
Balance Sheet and Revenue Breakdown
The financial trajectory across recorded filing periods demonstrates the transition from a holding structure into the group's primary domestic operating engine:
| Financial Metric | FY24 (Group Accounts) | FY23 (Group Accounts Comparative) | FY17 (Pre-Operational Entity) |
| :--- | :--- | :--- | :--- |
| Total Income | £8,423,000,000 | £7,670,000,000 | £0 |
| Profit Before Tax | £3,560,000,000 | £2,671,000,000 | £14,060,000 |
| Profit After Tax | £2,620,000,000 | £1,922,000,000 | £14,241,000 |
| Tax Expense | £940,000,000 | Not on record in extract | -£181,000 |
| Customer Loans & Advances | £206,400,000,000 | £200,782,000,000 | N/A |
| Customer Deposits | £244,400,000,000 | £241,218,000,000 | N/A |
| Cash at Bank | £29,819,000,000 | Not on record in extract | £33,457,000 |
| Credit Impairment Charges | £352,000,000 | £308,000,000 | N/A |
| CET1 Ratio | 14.2% | 14.8% | N/A |
| Liquidity Coverage Ratio | 202% | 180% | N/A |
Note: Financial metrics for intervening single-entity filings (e.g., 2018 and 2023 stand-alone micro-extracts) on the Companies House register reflect non-trading holding balances. Consolidated group performance is reported under statutory ring-fenced group accounts.
Revenue distribution across operational divisions in FY24 shows:
- Personal Banking: Income increased 13% to £5,452m (FY23: £4,834m equivalent), driven by structural hedge momentum and a £558m day-one gain from the acquisition of Tesco Bank in November 2024.
- Business Banking: Income grew 6% to £2,017m, benefiting from structural hedge tailwinds despite lower government scheme lending balances as legacy loans were repaid.
- Barclaycard Consumer UK: Income fell 3% to £938m, as higher overall customer spending was offset by customer balance repayments, reducing interest-earning borrowing balances.
- Head Office: Contributed £16m, principally relating to hedge accounting adjustments.
Operating expenses decreased by 1% to £4,511m (FY23: £4,567m). Credit impairment charges widened to £352m (FY23: £308m), reflecting broader macroeconomic headwinds across personal and business lending. The entity maintained strong capital buffers, closing FY24 with a Common Equity Tier 1 (CET1) ratio of 14.2% (FY23: 14.8%), total Risk Weighted Assets (RWAs) of £83.6bn (FY23: £72.1bn), a UK leverage ratio of 5.3% (FY23: 5.2%), and a Liquidity Coverage Ratio of 202% (FY23: 180%).
Directors and Ownership
Barclays Bank UK PLC operates under a strict corporate governance structure mandated by domestic banking regulations and statutory duties under Section 172 of the Companies Act 2006.
Persons with Significant Control (PSC)
The public register records a single active Person with Significant Control:
- Barclays Plc (Company Number 00048839), notified on 1 April 2018. It holds 75% to 100% of ordinary shares, 75% to 100% of voting rights, and the statutory right to appoint and remove directors.
- Historical PSC: Barclays Bank Plc (Company Number 001026167) was registered as PSC on 6 April 2016 and officially ceased control on 1 April 2018. This change coincided with the legal transfer of the ring-fenced assets directly under the ultimate holding company, Barclays PLC, ensuring legal separation from the non-ring-fenced banking entity.
Current Board of Directors
As recorded on the Companies House register, the board consists of executive leaders and independent non-executive directors:
- Sir John Oliver Frank Kingman (Director & Chair, appointed 1 June 2023, born April 1969)
- Vim Maru (Chief Executive, appointed 20 February 2024, born April 1972)
- Claire Louise Peel (Chief Financial Officer, appointed 2 October 2023, born October 1974)
- Vanessa Bailey (Independent Non-Executive Director, appointed 13 June 2022, born April 1964)
- Adam Banks (Director, appointed 1 September 2026, born February 1971)
- Tracy Joan Corrigan (Independent Non-Executive Director, appointed 24 May 2022, born September 1963)
- Michael Keith Jary (Independent Non-Executive Director, appointed 1 January 2018, born June 1963)
- John Robert Liver (Independent Non-Executive Director, appointed 17 October 2022, born July 1964)
- Stacey Ann Madge (Director, appointed 1 September 2026, born April 1970)
- Christopher John Pilling (Independent Non-Executive Director, appointed 1 January 2018, born March 1965)
- Kelly Aston Richdale (Director, appointed 1 September 2026, born April 1969)
- Robert Albert Joseph Swaak (Director, appointed 1 July 2025, born October 1960)
- Katie Marshall (Company Secretary, appointed 11 September 2019)
Resigned Officers (Selection)
Recent notable director resignations recorded on the public register include:
- Matthew Hammerstein (Chief Executive, served 5 July 2019 to 20 February 2024)
- Andrew Nicholas Ratcliffe (Deputy Chair & Audit Committee Chair, served 1 January 2018 to 21 May 2026)
- Avid Larizadeh Duggan (Non-Executive Director, served 1 January 2018 to 31 December 2025)
- Crawford Scott Gillies (Non-Executive Director, served 1 January 2021 to 31 May 2023)
- Kathryn Ann Matthews (Non-Executive Director, served 19 February 2018 to 31 December 2022)
- Sir Ian Michael Cheshire (Former Chair, served 3 April 2017 to 31 December 2020)
Recent Activity and Corporate Restructuring
Corporate intelligence records highlight several major structural changes and strategic transactions during FY24:
1. Tesco Bank Acquisition: In November 2024, Barclays Bank UK PLC completed the acquisition of Tesco Bank's core retail banking business. This added substantial credit card, personal loan, and savings balances to the balance sheet, alongside entering an exclusive 10-year commercial partnership with Tesco Stores Limited.
2. Commercial Partnerships: The company expanded its consumer borrowing footprint through the launch of a co-branded credit card with Amazon.
3. Capital Return to Parent: The Board approved an £825m dividend distribution to its sole corporate shareholder, Barclays PLC, in respect of the 2024 financial year.
4. Operational Support Alignment: The bank maintains operational integration with Barclays Execution Services Limited (BX), which provides central technology, operational infrastructure, and group services.
┌────────────────────────┐
│ Barclays PLC │
│ (Ultimate Parent) │
└───────────┬────────────┘
│ 100% Ownership
▼
┌────────────────────────┐ Services ┌────────────────────────┐
│ Barclays Execution │────────────►│ Barclays Bank UK PLC │
│ Services Limited │ │ (Ring-Fenced Bank) │
└────────────────────────┘ └───────────┬────────────┘
│ Assets Acquired (Nov 2024)
▼
┌────────────────────────┐
│ Tesco Bank Retail │
│ Portfolio │
└────────────────────────┘
Risk Indicators and What to Watch
Under its Enterprise Risk Management Framework (ERMF), the bank tracks ten principal risk categories. Analysts and corporate finance advisers reviewing the entity should track the following specific signals:
1. Regulatory Compliance and Consumer Duty
Supervised closely by the Financial Conduct Authority (FCA), the bank is subject to strict regulatory scrutiny under the Consumer Duty rules. Governance disclosures highlight ongoing oversight of motor finance commission arrangements and historical conduct provisions. Any systemic regulatory remediation directly influences administrative expenditure.
2. Credit Impairment Trends
With credit impairment charges rising to £352m in FY24, worsening macroeconomic default rates across unsecured consumer credit (Barclaycard) and SME business loans represent a critical variable for net margin preservation.
3. Financial Crime Risk Elevation
Effective 1 January 2025, Financial Crime Risk was elevated to a standalone Principal Risk within the group's governance framework. This reflects intensified supervisory expectations around Anti-Money Laundering (AML), sanctions enforcement, and fraud mitigation systems.
4. Shared Services Dependencies
Because operational infrastructure, software, and facility management are largely supplied by Barclays Execution Services Limited (BX), counterparty risk assessments of Barclays Bank UK PLC must account for intra-group operational service level agreements.
Due Diligence Verification Framework
When evaluating large ring-fenced financial institutions, risk professionals should follow a structured verification methodology:
┌─────────────────────────────────────────────────────────────┐
│ STEP 1: PSC Chain & Ring-Fencing Boundary Verification │
│ Confirm ownership leads directly to parent entity (BPLC) │
└──────────────────────────────┬──────────────────────────────┘
│
▼
┌─────────────────────────────────────────────────────────────┐
│ STEP 2: Regulatory Status & FCA Register Checks │
│ Verify permissions, restrictions, and Consumer Duty status │
└──────────────────────────────┬──────────────────────────────┘
│
▼
┌─────────────────────────────────────────────────────────────┐
│ STEP 3: Charge Register & Mortgage Encumbrances Review │
│ Review registered fixed/floating charges via Companies House │
└──────────────────────────────┬──────────────────────────────┘
│
▼
┌─────────────────────────────────────────────────────────────┐
│ STEP 4: Balance Sheet Capital Adequacy Stress Testing │
│ Review CET1 (14.2%), LCR (202%), and leverage ratios │
└──────────────────────────────┬──────────────────────────────┘
│
▼
┌─────────────────────────────────────────────────────────────┐
│ STEP 5: Real-Time Corporate Monitoring Setup │
│ Configure daily alerts for filings and director changes │
└─────────────────────────────────────────────────────────────┘
Practical Scenario: Institutional Counterparty Exposure Analysis
A corporate treasury team is negotiating a multi-year liquidity facility and clearing arrangement with a tier-one UK bank. When conducting due diligence on Barclays Bank UK PLC, the team must isolate the entity from its non-ring-fenced corporate twin (Barclays Bank PLC).
- The Problem: Credit risk analysts inadvertently pull parent-level group numbers or confuse the ring-fenced balance sheet with the investment banking division (Barclays Bank PLC).
- The Verification Approach: The team reviews the PSC history to confirm that on 1 April 2018, Barclays Bank PLC surrendered control, establishing Barclays PLC as the direct 100% shareholder. They confirm that retail deposits (£244.4bn) and UK personal loans sit squarely inside company 09740322.
- The Outcome: The treasury committee sets credit exposure limits against company 09740322's specific CET1 ratio of 14.2% and liquidity coverage ratio of 202%, preventing structural misallocation of counterparty risk.
How a Professional Would Validate This Manually vs Corp Intel
Manual Verification Process
To conduct a comprehensive audit of Barclays Bank UK PLC manually, a corporate intelligence professional must execute a multi-step investigation:
1. Companies House Register: Retrieve corporate details via Companies House. Download statutory accounts, search officer appointment histories, and cross-reference PSC filing dates.
2. FCA Financial Services Register: Query the firm reference number to verify current permissions, passporting details, and regulatory waivers.
3. The Gazette Search: Check The Gazette for official statutory notices, court petitions, or capital reduction notifications.
4. Security Register Audit: Perform a comprehensive company charge check on Companies House forms MR01/MG01 to map debentures, asset-backed securitisations, or covered bond structures.
This manual workflow requires cross-referencing multiple databases, analyzing long PDF filings, and manually recording officer changes over time.
The Corp Intel Automation Advantage
Corp Intel consolidates public disclosures, statutory accounts, corporate structure histories, and regulatory metrics into a single intelligence feed. Rather than manually tracking officer appointments or sifting through multi-page group disclosures, analysts gain instant access to structured asset metrics, clear PSC chains, and immediate notifications of board-level changes. Professional teams can also set up free company monitoring to receive daily alerts on regulatory filings and officer resignations.
Frequently Asked Questions
Is Barclays Bank UK PLC the ultimate parent company of Barclays?
No. Barclays Bank UK PLC (09740322) is a wholly owned subsidiary of Barclays PLC (Company Number 00048839), which acts as the ultimate listed holding company for the group.
What is the difference between Barclays Bank PLC and Barclays Bank UK PLC?
Barclays Bank UK PLC is the UK ring-fenced bank, housing retail banking, personal credit cards, and SME business banking. Barclays Bank PLC (Company Number 001026167) houses the corporate, investment banking, and international operations that sit outside the UK ring-fence.
How did the Tesco Bank acquisition affect the financial structure of the company?
The acquisition in November 2024 transferred Tesco Bank's core credit cards, unsecured personal loans, and savings deposits to Barclays Bank UK PLC. It generated a £558m day-one gain included within FY24 Personal Banking income.
Who currently leads the executive management of Barclays Bank UK PLC?
As recorded on the public register, Vim Maru serves as Chief Executive (appointed 20 February 2024), Claire Louise Peel serves as Chief Financial Officer (appointed 2 October 2023), and Sir John Oliver Frank Kingman serves as Chair of the Board (appointed 1 June 2023).
Where can I perform a winding up search or charge check on UK financial institutions?
You can execute a winding up search or review corporate encumbrances using Corp Intel's search tools to verify corporate solvency and fixed or floating charges.
For Credit Teams and Institutional Lenders
Credit risk managers, institutional counterparties, and legal teams undertaking due diligence on UK banking entities are professionally required to verify legal separation boundaries and capital ratios prior to completing high-value transactions. Inadequate counterparty checks can lead to mispriced risk, breaches of regulatory exposure limits, or misidentification of ring-fenced asset backed guarantees. Access real-time corporate filings, verified PSC chains, and structured balance sheet data directly on the Barclays Bank UK PLC profile page.
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