Barclays has agreed a 20-year, $4
million naming rights deal with New York’s Metropolitan
Transportation Authority, under the terms of which Atlantic Avenue
subway station in Brooklyn will be renamed after the UK’s
third-largest bank.
The latest agreement is Barclays’ second such
tie-up in Brooklyn, following the $400 million, 20-year deal signed
in 2007 for the naming rights to Barclays Center, a $3.5 billion
sports arena where local basketball team New Jersey Nets will play
its home matches; the development also incorporates a residential
and business complex.
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The US has become of increasing importance to
Barclays since it acquired part of failed investment bank Lehman
Brothers last September.
Indeed, its global operations are becoming
much more significant. Barclays’ growing reliance on its
international operations – which contributed 61 percent of group
profits in 2008 up from 51 percent the previous year – was evident
from Italian press reports on 25 June, suggesting the bank’s recent
rapid growth in the country was set for a further boost.
Its branch network in the country has
increased by almost 40 this year to reach 150 units and now the
bank is being linked with up to 50 of the branches Banca Monte dei
Paschi di Siena has put up for sale.
A bank spokeswoman told RBI the
reports were “speculative” but added it was no secret the bank was
looking to grow its Italian franchise.
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