Acquisition

Barclays PLC
16 July 2003

                                                                   July 16, 2003


               BARCLAYS COMPLETES ACQUISITION OF BANCO ZARAGOZANO

The Spanish Securities Market Commission (CNMV) has announced today (Wednesday,
July 16) that the owners of 98.31% of Banco Zaragozano S.A.'s share capital have
accepted the cash offer made for their shares by Barclays Bank S.A. which was
authorised on June 10 and closed on July 14.

Based on the offer price of 12.7 euros per share and the acceptance level of
98.31%, the total consideration to be paid to Banco Zaragozano shareholders who
have accepted Barclays Bank S.A.'s offer will be 1,124 million euros (£788
million.)  Barclays will finance the consideration out of existing cash
resources.  Barclays intends to delist Banco Zaragozano in accordance with CNMV
practice within the next six months.

The acquisition of Banco Zaragozano represents a significant step forward in
achieving one of Barclays strategic priorities which is to deepen its retail and
commercial banking presence in selected European markets.  The combination of
the banking operations of Barclays Spain and Banco Zaragozano will bring
together two complementary businesses, creating a nationwide distribution
platform, trebling the existing Barclays Spain customer base and branch network.
The merger of the two businesses will create the 6th largest private sector
banking group in Spain by assets and builds on Barclays success in the Spanish
marketplace.

Jacobo Gonzalez-Robatto, Managing Director of Barclays in Spain, said: 'We are
very satisfied with the acceptance of our offer by the shareholders of Banco
Zaragozano. The acquisition enhances our prominent position in the Spanish
banking market and fits in perfectly with the strategy of the Barclays Group.
Our efforts are now concentrated on achieving the effective integration of the
two businesses to ensure that as the sixth private sector banking group in Spain
we become a new force within the sector for the benefit of our customers,
employees and shareholders'.


                                     - 2 -


Felipe Echevarria, President and Managing Director of Banco Zaragozano, said:
'Our integration with Barclays is a fantastic opportunity, both for our
customers and for the employees of Banco Zaragozano. We are very happy with the
outcome of the transaction. From the very beginning, Banco Zaragozano has
encouraged its shareholders to accept this bid which, I repeat, is very
beneficial for both entities'.

                                     (ENDS)



For more information please contact:

Barclays PLC
Investor relations:
James Johnson + 44 20 7699 4525
Tristan Lafford   + 44 20 7699 4208

Communications Department:
Chris Tucker    + 44 20 7699 3161

Barclays Bank, S.A.
Communications Department:
Evelio Acevedo + 34 913 36 1318

Banco Zaragozano, S.A.
Communications Department:
Luis Sol            + 34 976 76 30 75



Notes to editors:

Banco Zaragozano

Banco Zaragozano is Spain's 11th largest private sector banking group by total
assets as at 31 December 2002. Founded in 1910, Zaragozano has a nationwide
distribution network comprising 361 branches located mainly in the outskirts of
major cities, or in smaller provincial towns, with a particular regional
strength in the Madrid, Aragon and Catalonia regions. Zaragozano had profit
before tax in 2002 of €67 million. As at year end 2002, Zaragozano had total
assets of €5,857 million, net customer loans of €4,680 million, assets managed
for customers of  €4,886 million, and shareholders' equity of  €364 million. It
has a high quality loan portfolio with nearly 50% of lending in mortgages and a
lower ratio of non-performing loans to total loans compared with the average for
Spanish banks.



Barclays Bank, S.A.

Barclays Spain is Spain's 10th largest private sector banking group based on
total assets as at 31 December 2002. Barclays Spain is recognised for its strong
brand and history of innovation. Its first representative office in Spain opened
in 1974 and it now has a network comprising 165 branches focused on key Spanish
cities.  The majority of Barclays Spain's branches are in urban City centres and
coastal resorts.  Barclays Spain is an acknowledged innovator, having in recent
years launched the money market account, Unit Linked products, guaranteed funds
linked to the IBEX 35 Index and a 'remunerated mortgage' (ie. Openplan or
Hipoteca Remunerada.)  Barclays Spain had profit before tax in 2002 of €59
million.  Its compound annual growth rate in profit before tax over the last 4
years was 13%.  As at year end 2002, Barclays Spain had total assets of €10,469
million, net customer loans of €7,913 million, and assets managed for customers
€8,407 million.

Barclays also has a presence in Spain through Barclaycard International and
through its investment banking division Barclays Capital, which in 2002 raised
over €7.3 billion for its clients and was ranked first in debt financing in
Spain for the second consecutive year.



Background on Barclays PLC

Barclays is one of the largest financial services group in the UK.  It is a
leading provider of services to multinational corporations and financial
institutions in the world's main financial centres, and has more than 20 million
customers worldwide.  Barclays has been operating for more than 300 years and
employs over 74,000 people.

This document contains certain forward-looking statements within the meaning of
Section 21E of the US Securities Exchange Act of 1934, as amended and Section
27A of the US Securities Act of 1933, as amended, with respect to certain of the
Barclays plans and its current goals and expectations relating to the offer
described above. These forward-looking statements can be identified by the fact
that they do not relate strictly to historical or current facts. Forward-looking
statements often use words such as 'anticipate', 'target', 'expect', 'estimate',
'intend', 'plan', 'goal', 'believe', or other words of similar meaning. By their
nature, forward-looking statements involve risk and uncertainty because they
relate to future events and circumstances, including, but not limited to,
domestic and global economic and business conditions, market related risks such
as changes in interest rates and exchange rates, the policies and actions of
governmental and regulatory authorities, changes in legislation and the impact
of competition, a number of which are beyond the Barclays control. As a result,
actual future results may differ materially from the plans, goals and
expectations set forth in the forward-looking statements. Any forward-looking
statements made by or on behalf of the Barclays speak only as of the date they
are made. Barclays does not intend to update forward-looking statements to
reflect any changes in Barclays expectations with regard thereto or any changes
in events, conditions or circumstances on which any such statement is based.


                      This information is provided by RNS
            The company news service from the London Stock Exchange    

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