UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
--------------------------------------------------------------------------------
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
April 2005
Barclays PLC and
Barclays Bank PLC
(Names of Registrants)
54 Lombard Street
London EC3P 3AH
England
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No x
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):
--------------------------------------------------------------------------------
This Report is a joint Report on Form 6-K filed by Barclays PLC and Barclays
Bank PLC. All of the issued ordinary share capital of Barclays Bank PLC is
owned by Barclays PLC.
This Report comprises:
Information given to The London Stock Exchange and furnished pursuant to
General Instruction B to the General Instructions to Form 6-K.
--------------------------------------------------------------------------------
EXHIBIT INDEX
1. Statement re Possible Offer - dated 04 April 2005
2. Director Shareholding - dated 05 April 2005
3. Director Shareholding - dated 08 April 2005
4. Acquisition - dated 11 April 2005
5. Director Shareholding - dated 13 April 2005
6. Director Shareholding - dated 20 April 2005
7. Possible Offer - dated 25 April 2005
8. Directorate Change - dated 26 April 2005
9. Director Shareholding - dated 26 April 2005
10. AGM Statement - dated 28 April 2005
11. Result of AGM - dated 28 April 2005
12. Document Viewing Facility - dated 29 April 2005
--------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each of
the registrants has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BARCLAYS PLC
(Registrant)
Date: 03 May 2005 By: /s/ Patrick Gonsalves
----------------------
Patrick Gonsalves
Deputy Secretary
BARCLAYS BANK PLC
(Registrant)
Date: 03 May 2005 By: /s/ Patrick Gonsalves
----------------------
Patrick Gonsalves
Joint Secretary
Exhibit No. 1
4 April 2005
A BARCLAYS STATEMENT
In response to statements issued by the South African Government and the South
African bank Absa, Barclays confirms that it participated in a meeting yesterday
with the South African Minister of Finance, the Governor of the South African
Reserve Bank and Absa.
Barclays will now consider the detailed conditions presented to it by the
Minister at yesterday's meeting. No decision regarding regulatory approval will
be made until such time as Absa and Barclays have reverted to the Minister on
these matters.
It should be noted that Barclays has yet to agree an offer with the Absa Board
and with major shareholders.
- ENDS -
This announcement 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 potential
transaction described above. 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.
Exhibit No. 2
5 April 2005
Notification of directors' interests: Companies Act 1985 s.329
The independent trustee of the Barclays Group (ESAS) Employees' Benefit Trust
(the "ESAS Trust") notified the Company on 4 April 2005 that it had between 29
March 2005 and 31 March 2005 exercised its discretion and released a total of
2,178,314 ordinary shares in Barclays PLC. None of the shares released were in
respect of an award made to a director of Barclays PLC.
Following these transactions, the trustees of all the Barclays Group employees'
benefit trusts hold a total of 133,074,369 ordinary shares in Barclays PLC.
Matthew W Barrett, Chairman, and the executive directors of Barclays are amongst
the potential beneficiaries under these trusts and are therefore regarded for
Companies Act purposes as being interested in the Barclays PLC ordinary shares
held in them.
Exhibit No. 3
8 April 2005
Notification of directors' interests: Companies Act 1985 s.329
The trustee of the Barclays Group Sharepurchase Plan informed the Company on 7
April 2005 that it had on 7 April 2005 purchased, and now held as bare trustee
under the Barclays Group Sharepurchase Plan, the following ordinary shares in
the capital of Barclays PLC for the following directors at a price of 556.50p
per share:
Director Number of Shares
Mr J S Varley 23
Mr D L Roberts 23
Mr G A Hoffman 23
The revised total shareholding for each director following these transactions is
as follows:
Director Beneficial Holding Non Beneficial
Holding
Mr J S Varley 351,049 -
Mr D L Roberts 70,674 -
Mr G A Hoffman 178,534 -
In addition to the interests shown above, the trustees of all the Barclays Group
employees' benefit trusts hold a total of 133,074,369 ordinary shares in
Barclays PLC. Matthew W Barrett, Chairman, and the executive directors of
Barclays are amongst the potential beneficiaries under these trusts and are
therefore regarded for Companies Act purposes as being interested in the
Barclays PLC ordinary shares held in them.
Exhibit No. 4
11 April, 2005
BARCLAYS TO ACQUIRE A CONTROLLING INTEREST IN FIAT'S IVECO VEHICLE FINANCE
BUSINESS
Barclays Asset and Sales Finance, the specialist asset backed lending provider
of the Barclays Group, has agreed to form a new company with Iveco SpA ("Iveco")
to provide commercial vehicle financing and leasing solutions to Iveco customers
in Europe, initially in the UK, Italy, France, Germany and Switzerland, with a
joint intention to commence business in other European countries.
Iveco will transfer certain subsidiaries of Iveco Finance to the new company and
Barclays will then acquire a 51% share and controlling stake in the company for
a consideration of GBP66.5m (EUR96.8m). The proposed transaction is conditional
upon necessary regulatory clearances.
This transaction will expand Barclays Asset and Sales Finance's commercial
vehicle expertise across Europe, by providing an opportunity to work with a
European commercial vehicle manufacturer which has leading market positions in
all important commercial vehicle segments in Western Europe. Barclays Asset and
Sales Finance already has a strong presence in many of Iveco's principal markets
and this will provide opportunities for further expansion of existing
operations, as well as the development of new markets. The transaction also
serves to accelerate the Barclays Group strategic aim of developing retail and
commercial banking activities in selected markets outside the UK.
Iveco Finance is the prime supplier of hire purchase, finance leasing,
instalment loans and contract hire solutions for Iveco commercial vehicle
operations in France, Germany, Italy, Portugal, Spain, Switzerland and the UK.
As at the end of 2004 it had total receivables of GBP1.51bn (EUR2.2bn). The
European commercial vehicle financing market is expected to grow at over twice
the rate of Eurozone GDP over the medium term.
Stephen Price, Managing Director of Barclays Asset and Sales Finance, commented,
"This is a great opportunity, which combines the manufacturing strength, market
presence and scale of a leading European commercial vehicle manufacturer with
the scale and resources of a global financial services provider. It will
accelerate the development of Barclays Asset and Sales Finance business in
Europe by giving us a significant presence in a number of new markets plus the
ability to work with an acknowledged industry leader in the European commercial
vehicle sector".
Paolo Monferino, Chief Executive Officer of Iveco said, "This new company will
allow the Iveco Finance business to become even more competitive and will assist
us to provide even more innovative solutions to increasingly sophisticated
customer needs. It will enable an already successful business to be developed by
drawing on the balance sheet strength and asset finance expertise of Barclays".
- ends -
Contact at Barclays:
Jo Thethi Tristan Lafford
Barclays Public Relations, Barclays PLC Barclays Investor Relations, Barclays
PLC
Tel: +44 (0) 20 7116 6217 Tel: +44 (0) 20 7116 2928
Contact at Iveco:
Georgio Bertoldi
Iveco
Tel: : +39 011 007 2023
About Barclays PLC
Barclays PLC is a major global financial services provider primarily offering
banking, investment banking and investment management services. Barclays is
present in over 60 countries and employs over 78,400 people worldwide. With over
300 years of history and expertise in banking, Barclays PLC has six major
divisions. UK Banking, delivers banking products and services to over 14 million
personal customers and 745,000 businesses. Barclaycard, is one of the leading
credit card businesses in Europe with 13.4 million credit card customers across
the world. Barclaycard now incorporates all of the Group's UK secured and card
lending products and expertise. Barclays Capital, the investment banking
division, provides corporate, institutional and government clients with
solutions to their financing and risk management needs. Barclays Global
Investors, one of the world's largest asset managers and a leading provider of
investment management products and services. Private Clients, Barclays wealth
management operation, with over 300,000 affluent and high net worth clients.
International Retail and Commercial Banking, the global retail and commercial
banking operation, with 2.2 million international clients in the Caribbean,
France, Spain, Portugal, Italy and Africa. For more information about Barclays
PLC, please visit www.barclays.com
About Barclays Asset and Sales Finance
Barclays Asset and Sales Finance (BA&SF) specialises in asset based lending and
works with a broad range of international technology, industrial equipment and
commercial companies, serving 31,000 business customers in the UK and Europe. BA
&SF also specialises in the factoring and invoice-discounting arena, providing
working capital management solutions The vendor business provides customised
finance programmes to help manufacturers, dealers and distributors of assets to
attract and retain profitable customers, increase sales and boost profitability.
Working in partnership with our vendors we deliver integrated sales and
marketing activity, provide training to their key staff and product and industry
knowledge. BA&SF has been acknowledged by Business Moneyfacts Magazine as the
'Best Leasing & Asset Finance Provider' in the UK since 2002. For reporting
purposes Barclays Asset and Sales Finance is included in UK Business Banking
division of Barclays PLC.
About Fiat SpA
Founded in 1899, Fiat is an industrial enterprise focused on the automotive
sector, serving customers in more than 190 countries around the world with an
annual turnover in excess of EUR47 billion. With some 162,000 employees in 109
R&D centres and 192 plants worldwide, the Fiat Group is a global leader in the
production of passenger cars, agricultural and construction equipment,
industrial vehicles, production systems and automotive components.
About Iveco SpA
Iveco is a global company that produces a complete range of vehicles and
engines. It is dedicated to the transport world and to the satisfaction of its
customers, employing leading edge technologies and guaranteeing reliable
performance and levels of excellence in the quality of the products and services
it offers its customers all over the world. Iveco's strategy is to generate
profitable growth, concentrating on its Customers and markets, and strengthening
the technological content and competitiveness of its products. Transport Safety,
Environmental Care and Productivity on the road are key elements of its
strategy, together with technological innovation and lean enterprise. Iveco
manufactures and sells more than 160,000 commercial vehicles and 430,000 engines
in all parts of the world, for total revenues of about EUR9.3 billion. It
operates 49 plants in 19 different countries and 15 Research and Development
centres, with 31,000 employees and 844 dealers.
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 Group's (the "Group") plans and its current goals and expectations
relating to its future financial condition and performance, in particular with
respect to Barclays Asset and Sales Finance. These forward-looking statements
can be identified by the fact that they do not relate only to historical or
current facts. Forward-looking statements sometimes 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 UK domestic and global economic and business
conditions, market related risks such as interest rate and exchange rate risks,
the policies and action of governmental and regulatory authorities, changes in
legislation and the impact of competition, a number of which are beyond the
Group's control. As a result, the Group's actual future results may differ
materially from the plans, goals and expectations set forth in the Group's
forward-looking statements. Any forward-looking statements made by or on behalf
of Barclays speak only as of the date they are made. Barclays does not undertake
to up-date forward-looking statements to reflect any changes in Barclay's
expectations with regard thereto or any changes in events, conditions or
circumstances on which any such statement is based. The reader should, however,
consult any additional disclosures that Barclays has made or may make in
documents it has filed or may file with the US Securities and Exchange
commission, including its most recent Annual Report on Form 20-F.
Exhibit No. 5
13 April 2005
Notification of directors' interests: Companies Act 1985 s.329
The independent trustee of the Barclays Group (ESAS) Employees' Benefit Trust
(the "ESAS Trust") notified the Company on 12 April 2005 that it had between 4
April 2005 and 7 April 2005 exercised its discretion and released a total of
37,700 ordinary shares in Barclays PLC and on 4 April 2005 it purchased 35,833
ordinary shares in Barclays PLC at a price of 546.00p per share. None of the
shares released or purchased were in respect of an award made to a director of
Barclays PLC.
Following these transactions, the trustees of all the Barclays Group employees'
benefit trusts hold a total of 133,072,502 ordinary shares in Barclays PLC.
Matthew W Barrett, Chairman, and the executive directors of Barclays are amongst
the potential beneficiaries under these trusts and are therefore regarded for
Companies Act purposes as being interested in the Barclays PLC ordinary shares
held in them.
Exhibit No. 6
20 April 2005
Notification of directors' interests: Companies Act 1985 s.329
The independent trustee of the Barclays Group (ESAS) Employees' Benefit Trust
(the "ESAS Trust") notified the Company on 19 April 2005 that it had between 11
April 2005 and 15 April 2005 exercised its discretion and released a total of
80,250 ordinary shares in Barclays PLC and on 15 April 2005 it purchased 209,908
ordinary shares in Barclays PLC at a price of 557.50p per share. None of the
shares released or purchased were in respect of an award made to a director of
Barclays PLC.
Following these transactions, the trustees of all the Barclays Group employees'
benefit trusts hold a total of 133,202,160 ordinary shares in Barclays PLC.
Matthew W Barrett, Chairman, and the executive directors of Barclays are amongst
the potential beneficiaries under these trusts and are therefore regarded for
Companies Act purposes as being interested in the Barclays PLC ordinary shares
held in them.
Exhibit No. 7
Announcement by Barclays PLC and Barclays Bank PLC
Shareholders are advised that Absa have today made the further cautionary
announcement set out below regarding discussions relating to the possible
acquisition by Barclays Bank PLC of a majority stake in Absa.
Text of Absa announcement made on Monday 25 April 2005
Absa Group Limited
(Incorporated in the Republic of South Africa)
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to previous cautionary announcements released on SENS,
the JSE Securities Exchange News Service, the last one appearing on 4 April 2005
regarding discussions relating to the possible acquisition of a majority stake
in Absa by Barclays Bank PLC ("Barclays").
Subsequent to 4 April Barclays and Absa have been engaged in extensive
discussions regarding the terms of a possible transaction. The parties have also
had a series of meetings with large shareholders during which the possibility of
a partial offer to acquire 60% of Absa shares at a price of R79.00 (plus a final
dividend for the year ended 31 March 05 estimated at the time to be
approximately R1.80) was discussed.
Barclays and Absa have also estimated that, should a transaction proceed, it is
expected that the combination would produce significant synergies by
accelerating the strategic objectives of both parties improving Absa's pre-tax
profits by approximately R1.4bn per annum four years after completion (after
incurring implementation costs of approximately R1.8bn over the first three
years).
Barclays and Absa are considering the feedback from Absa shareholders and will
now determine whether a transaction would receive the requisite support from
shareholders on terms acceptable to Barclays, at which stage Barclays will
revert to the regulatory authorities for final consideration.
Shareholders should note that this announcement does not constitute a firm
intention to make an offer by Barclays. Shareholders are advised that should an
offer be made it may or may not be at a premium to the prevailing market price.
Shareholders should continue to exercise caution when dealing in Absa securities
until such time as a further announcement is made.
JOHANNESBURG
25 April 2005
-ENDS-
This announcement 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 potential
transaction described above. 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 Barclays control. As a result, actual future results may differ
materially from the plans, goals and expectations set forth in the
forward-looking statements.
For further information please contact:
Investor Relations Media Relations
James S Johnson 020 7116 2927 Chris Tucker 020 7116 6223
Exhibit No. 8
26 April 2005
BARCLAYS APPOINTS JOHN SUNDERLAND AS A NON-EXECUTIVE DIRECTOR
Barclays PLC and Barclays Bank PLC today announce that John Sunderland (age 59)
has been appointed to the Boards of Barclays PLC and Barclays Bank PLC as a
non-executive director, with effect from 1 June 2005. Mr Sunderland is Chairman
of Cadbury Schweppes plc, having joined Cadbury Limited in 1968. He is also
President of the Confederation of British Industry.
Matthew W Barrett, Barclays Chairman, said today, "I am delighted that John
Sunderland is joining Barclays. John has an excellent track record at Cadbury
Schweppes and a wealth of business experience. His appointment will further
enhance the strong non-executive presence on the Barclays Board".
For further information, please contact:
Chris Tucker
Barclays Public Relations Director
Barclays PLC
Tel: 020 7116 6223
Exhibit No. 9
26 April 2005
Notification of directors' interests: Companies Act 1985 s.329
The independent trustee of the Barclays Group (ESAS) Employees' Benefit Trust
(the "ESAS Trust") notified the Company on 25 April 2005 that it had between 20
April 2005 and 21 April 2005 exercised its discretion and released a total of
10,420 ordinary shares in Barclays PLC and on 21 April 2005 it purchased
1,176,896 ordinary shares in Barclays PLC at a price of 556.21p per share. None
of the shares released or purchased were in respect of an award made to a
director of Barclays PLC.
Following these transactions, the trustees of all the Barclays Group employees'
benefit trusts hold a total of 134,368,636 ordinary shares in Barclays PLC.
Matthew W Barrett, Chairman, and the executive directors of Barclays are amongst
the potential beneficiaries under these trusts and are therefore regarded for
Companies Act purposes as being interested in the Barclays PLC ordinary shares
held in them.
Exhibit No. 10
BARCLAYS PLC ANNUAL GENERAL MEETING
THURSDAY 28 APRIL 2005
CHAIRMAN'S STATEMENT BY MATTHEW W. BARRETT
This is my first time to report to you, on behalf of the Board, on our
stewardship of the company during 2004. I am honoured to do so.
2004 was a record year for financial performance for Barclays. John Varley, our
new CEO, will provide the operational highlights in a few minutes. The strong
profit performance enabled us to increase your dividend by 17% and total
shareholder return was 23% - better than the FTSE 100 index and first place
ranking amongst our peer group of major international banks.
We never lose sight of the fact that the overwhelming majority of our
shareholders are, either directly or indirectly, the millions of workers whose
pension funds are invested in us. Our success, like that of all listed
companies, is an important factor in the quality of life and degree of security
that so-called "ordinary men and women" will enjoy in their retirement.
In addition, our profits provide corporate tax revenue to governments that helps
to support vital public services - some GBP1bn will be paid as a result of last
year's profits.
And, of course, successful companies create jobs and futures for our young
people entering the workforce.
In a nutshell, profitable companies benefit allstakeholders - shareholders,
customers, employees and the communities in which they work and live. And the
more profitable, the better for all.
There is a belief, in some quarters, that the interests of those various
"stakeholders" are incompatible and that business may need to choose between
shareholders and the others. At Barclays, we disagree with this point of view.
We strongly believe that value is created, maximised and sustained when the
interests of all stakeholders are harmonised. To ignore one is to jeopardise the
future prospects of the company and destroy value.
For this reason, your Board and management give considerable attention not just
to financial performance but also to customer satisfaction, employee commitment
and competence and corporate social responsibility issues. Good progress was
made in 2004 across all these fronts as well, and Mr Varley will highlight these
also for you. As John will report, in all areas we have improved our
performance. In all areas, we are committed to improve further in future years.
2004 was also an important year as it marked the transition to a new leadership
team. Sir Peter Middleton retired from the Board in September and I succeeded
him as Chairman. I draw your attention to my statement in the Annual Report
which includes a well deserved tribute to Sir Peter's leadership and
contribution to Barclays.
John Varley succeeded me as Chief Executive. The Board is delighted that we have
in John and his colleagues a highly qualified, talented and committed team to
take the company forward and to new heights. That the transition was handled in
an orderly fashion is a tribute to their professionalism and teamwork.
There is an old adage that "to those to whom much is given, much is expected" !
The Board has high hopes and confidence that this outstanding team will achieve
great things in the years ahead.
There were a number of other Board changes in 2004. Sir Brian Jenkins retired as
Deputy Chairman and was succeeded in this role by Sir Nigel Rudd. Chris Lendrum
retired as Vice Chairman after serving the Group with great distinction for over
35 years. Jurgen Zech will be retiring at today's meeting.
I am particularly saddened to report that Hilary Cropper, who had been a
Non-Executive Director of the Bank since 1998, died on Boxing Day. Hilary was a
highly effective Director and a valued colleague who had served with distinction
on the Board Remuneration, Audit and Risk Committees. She is greatly missed.
I am sure you will all join me in formally recording our thanks to all these
individuals for their contribution to the Group during their time as a Director.
We appointed two new Non-Executive Directors during the year : Sir Andrew
Likierman and Leigh Clifford. Both are seeking re-election today. Sir Andrew is
with us today. Leigh Clifford, who is Chief Executive of Rio Tinto, is attending
the Annual General Meeting of Rio Tinto and cannot be with us today. He sends
his regrets.
We have also announced recently the appointment of John Sunderland, Chairman of
Cadbury Schweppes, as a Non-Executive Director with effect from 1st June. The
Board is delighted to welcome someone with such a distinguished track record to
the service of Barclays. It is our intention to make additional Non-Executive
Director appointments during the course of this year to further strengthen your
Board.
Corporate governance continues to be a subject of intense interest to
shareholders, regulators, companies and the press. Our goal is to ensure that
Barclays is an exemplar in the area of corporate governance.
In recent months, we have taken a number of steps to enhance further our
corporate governance practices. We have expanded the remit of the Remuneration
Committee to cover strategic human resource issues. We have also expanded the
remit of the Nominations committee to cover a broad range of corporate
governance issues in addition to matters relating to the composition of the
Board. We have conducted a thorough, formal review of performance and
effectiveness of the board, board committees and individual directors.
The review concluded that the board is discharging its responsibilities in a
highly effective manner. Areas for further improvement were identified.
Let me now ask John Varley, Group Chief Executive, for his review.
CHIEF EXECUTIVE'S STATEMENT BY JOHN VARLEY
Thank you, Chairman, for the opportunity to give a short summary of Barclays
progress in 2004.
Good Morning Ladies and Gentlemen.
I want to begin by recognising and thanking the people of Barclays for what they
did in 2004. We're in business to help customers achieve their goals. Our
ability to do this depends entirely on the quality of our people. We have great
people in Barclays, and my thanks go to all of them, throughout the world.
That Barclays delivered, in 2004, the best year in its long history is, more
than anything else, a tribute to them.
As the Chairman pointed out, we ended the year ranked number one for Total
Shareholder Return among our peer group, which comprises the best global and UK
banks. In 2004, income increased by 12%, profit before tax by 20%, economic
profit by 32% and earnings per share by 21%.
Barclays record performance in 2004 was no one-off. It was the continuation of a
consistent, multi-year track record, with double digit compound annual growth
over the last five years across all of the key financial measures. For example,
the compound annual growth rate of dividends since 1999 has been 14%. Last year
we increased the dividend by 17%. About half of our 2004 earnings were paid to
our shareholders in dividends.
This performance has been built on a clear and simple understanding of what
Barclays exists to do: we move, lend, invest and protect money for customers and
clients of all kinds. By doing this, we achieve our overall business purpose -
which, as I referred to a moment ago, is to help customers achieve their goals,
to earn their loyalty, and to deliver thereby good returns to you, our
shareholders.
In 2004, we made good progress across the Group. Each of UK Banking, Private
Clients and International, Barclaycard, Barclays Capital and Barclays Global
Investors had record profit years.
In assessing performance in all areas, we measure success through the eyes of
customers and employees. So there are two simple, but acid, tests for us: do our
customers and clients value their relationship with Barclays? Are the people of
Barclays proud to work here?
We must ensure that the answer to these questions is 'yes', because they are the
proxies for future growth and performance.
In some parts of our business, service to customers and clients, and our track
record of innovation, is first class. But we have more to do to ensure that
customer service is consistent and dependable everywhere. We see this as an
opportunity to improve: to earn the loyalty of customers by being excellent in
what we do for them.
I'll talk for a few minutes about how we did in each of the main business areas.
In UK Banking, we invested heavily to improve customer service in our domestic
Retail business, while building on the considerable momentum in our Business
Banking franchise.
UK Business Banking recorded profit growth of 19%. It's a business based on
industry specialisms and strong customer relationships. We achieve consistently
high scores in customer satisfaction surveys in this business, and it is the
industry leader in many areas.
In UK Retail, profits were broadly flat year on year. Although there are various
reasons why a like for like comparison of the headline profits, 2004 versus
2003, does not give an accurate picture of the underlying performance of the
business, flat profit in a big business like this is not what we expect and we
are working hard to put this right.
Notwithstanding flat profits, UK Retail recorded a number of successes during
the year. We attracted hundreds of thousands of new customers -- 220,000 new
current account holders; 275,000 new savings account holders; 675,000 new
on-line customers; 200,000 new customers of Open Plan; and 230,000 new Additions
and Platinum customers. We recruited 1,000 new front line staff. This has helped
us to reduce queue times in branches substantially. We upgraded the physical
environment in over 400 branches.
Our business is based on our relationships - not on the products we sell, but on
the people we sell them to. Last year we eliminated individual product sales
targets in UK Retail and replaced them with branch value and customer service
objectives, allowing individual branch managers to make decisions based on local
customer needs.
Our Global product businesses - Barclays Capital, Barclays Global Investors,
Barclaycard and Private Clients - all delivered strongly in 2004.
Barclays Capital turned in a record performance, with profit growth of 25%.
Barclays Capital was named Bank of the Year by the International Financing
Review, and Derivatives House of the Year by Risk Magazine. This performance was
achieved through a sharp focus on the client, on excellent execution and on a
commitment to attracting and retaining the best people. Barclays Capital's
business in 2004 ranked with the best in the industry.
Barclays Global Investors, where profits grew by 82% last year, is the world's
leading institutional money manager, with some $1.3 trillion under management.
BGI has won this position through great client service, great products, a
formidable track record in investment performance, and a history of innovation.
Its exchange traded fund business - iShares - is the fastest growing new fund
complex in the history of the United States, and BGI is now the global market
leader.
We are on a journey of successful diversification in Barclaycard. In the UK, by
putting together our card and consumer finance businesses, we are seeking to
offer the most appropriate, needs based, borrowing solutions to our customers.
We have responded to concerns in the industry about transparency and responsible
lending, implementing solutions like the so-called summary box, which describes
in plain English all the relevant terms and conditions attaching to the use of
the card, and which illustrates how customers might most economically use it.
Barclaycard is enjoying significant success in executing its new partnership
strategy -- with House of Fraser and Sky as well as the joint venture with
Swedbank, Sweden's largest retail bank. Meanwhile the small but strategically
significant acquisition of Juniper, which we completed in December of last year,
gives us a strong platform for growth in the United States.
Profits in Private Clients grew 40% in 2004. We have been looking for this. We
have pushed the business hard. We have invested organically and in new
acquisitions. We have improved offerings to clients, we have delivered a very
strong performance in the stockbroking business following the successful
integration of Charles Schwab Europe, and we took advantage of more favourable
equity markets in 2004. We believe we have turned the corner in this business
and have high expectations of it.
In International Retail and Commercial Banking too, we saw good profit growth,
of 18%. Banco Zaragozano in Spain, which we acquired in mid 2003, is delivering
significantly ahead of expectations. Our businesses in Portugal and Italy, as
well as our Caribbean joint venture, all performed well last year.
Our African business again demonstrated the benefit of having leading market
positions.
As you know, we're also in negotiations to acquire a majority stake in the South
African bank ABSA. For me this proposed deal has a number of attractions.
First, the ABSA transaction would enable us to increase the earnings we generate
from outside the United Kingdom, and create much larger participation in a high
growth well run market.
Second, it would create the opportunity for synergies with our existing
businesses both in South Africa and across the African continent.
Third, it would give us the opportunity, in collaboration with ABSA, to deploy
the global product capabilities of Barclaycard, Barclays Global Investors and
Barclays Capital.
We have been engaged in extensive discussions with ABSA regarding the terms of a
possible transaction. We have also had a series of meetings with ABSA's large
shareholders. In conjunction with ABSA, we are considering feedback from
shareholders and will now determine whether a deal on terms acceptable to
Barclays would receive the requisite support from ABSA's shareholders. We will
then revert to the South African regulatory authorities for final consideration.
We like this potential deal and we hope to get it done.
However, we are very clear that we will not forsake our value criteria to do so.
There is a price beyond which we will not go.
We will update you as soon as we have anything further to report.
Finally, in 2004 we made progress in strengthening our operational capabilities
and our franchise health.
We received widespread recognition for our policies in a range of areas
including community involvement, financial inclusion, disability, staff
pensions, outsourcing, and partnership with our trade union Amicus. In fact,
today we announced a new five year partnership agreement with AMICUS.
This recognition is important: it demonstrates that we take seriously the issues
that concern our customers and our colleagues (as well as politicians and
regulators), and that we are responding.
It is therefore a matter of considerable pride to me that our work in the field
of Corporate Responsibility was recognised in 2004 with the National Business
Award for Corporate and Social Responsibility.
We also committed some GBP32m in support of the community in the UK and
internationally in 2004, and over 25,000 employees and pensioners worldwide took
part in Barclays - supported fundraising and volunteering activities.
So 2004 was a year of good achievement across our Group, and we made good
headway in executing our strategy.
Building on that performance, Barclays has made a good start to 2005.
Let me end with a few words about the future.
Our performance during the last five years, the clear strategy that has driven
our progress, and the substantial momentum we have created would not have been
achieved without the leadership of Matt Barrett as Chief Executive.
But it's the task of every generation of leadership to build on the
accomplishments of its predecessors and to take performance to the next level.
My colleagues and I go about that task in the clear knowledge that leaders exist
to serve stakeholders - the principal role of the Executive Committee of this
Group is to help those whom we lead to serve their customers and clients,
thereby creating the opportunity for other stakeholders - the communities in
which we live and work, and of course you, our shareholders - to benefit.
That is what you should expect from us.
I am honoured by the trust placed in me by my appointment as Chief Executive.
Barclays is, and has been for a very long time, an iconic name in the world of
banking. My colleagues and I feel heavily the obligation to serve to the best of
our ability the shareholders, customers and employees of this great company.
As we look forward, and as we build on the significant transformation of the
last five years, I want Barclays to be recognised for two things in particular:-
First of all growth - We have a distinctive, competitively advantaged and
tightly knit group of businesses. It is the product of an investment approach
that requires that we earn, invest and grow at the same time. This approach has
enabled us to deliver the five most profitable years in our history, while
making the heavy investments that are producing today's and tomorrow's growth.
Secondly, Barclays must also be recognised for its focus on Customers, Clients
and Colleagues - Great service to customers and clients, delivered by
high-performing employees, is the foundation of long-term, sustainable
performance.
We are very focused on these critical aspects of our work.
Thank you.
-END-
For further information please contact:
Barclays Investor Relations
Mark Merson/James S Johnson
+44 (0) 20 7116 5752/2927
Barclays Public Relations
Jo Thethi
+44 (0) 20 7116 6217
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
Group's plans and its current goals and expectations relating to its future
financial condition and performance. These forward-looking statements can be
identified by the fact that they do not relate only to historical or current
facts. Forward-looking statements sometimes 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, UK 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, the outcome of pending and future litigation and the
impact of competition, a number of which are beyond the Group's control. As a
result, the Group's actual future results may differ materially from the plans,
goals, and expectations set forth in the Group's forward-looking statements. Any
forward-looking statements made by or on behalf of Barclays speak only as of the
date they are made. Barclays does not undertake 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. The reader should, however, consult any additional
disclosures that Barclays has made or may make in documents it has filed or may
file with the SEC including its most recent Annual Report on Form 20-F.
Exhibit No. 11
BARCLAYS PLC ANNUAL GENERAL MEETING
THURSDAY 28 APRIL 2005
The Annual General Meeting for 2005 of Barclays PLC was held on Thursday 28
April 2005 at the Queen Elizabeth II Conference Centre, London.
A poll was held on each of the resolutions proposed, which were passed with
large majorities as follows:
Resolutions For Against Abstain
1. To receive the Directors' and 3,533,245,917 11,836,557 56,907,675
Auditors' Reports and the Accounts
for the year ended 31st December 2004
2. To approve the Report on 3,425,024,597 105,039,798 71,925,754
Remuneration for the year ended
31st December 2004
3. That Sir Andrew Likierman be 3,593,679,011 5,719,989 2,591,149
re-elected a Director of the Company
4. That Leigh Clifford be re-elected 3,593,891,377 5,343,895 2,754,877
a Director of the Company
5. That Matthew W. Barrett be 3,420,233,000 79,758,759 101,998,390
re-elected a Director of the Company
6. That John Varley be re-elected 3,585,981,587 14,507,267 1,501,295
a Director of the Company
7. That David Arculus be re-elected 3,593,627,364 5,887,841 2,474,944
a Director of the Company
8. That Sir Nigel Rudd be re-elected 3,534,554,926 22,421,269 45,013,954
a Director of the Company
9. To re-appoint 3,516,332,874 84,699,177 958,098
PricewaterhouseCoopers LLP as auditors
10. To authorise the Directors to 3,583,055,740 17,682,899 1,251,510
set the remuneration of the auditors
11. To approve the Performance Share 3,494,057,746 89,607,409 18,324,994
Plan (PSP)
12. To give the Directors the 3,573,375,124 22,298,892 6,316,133
authority to establish supplements
or appendices to the PSP
13. To renew the authority given to 3,559,412,811 39,235,723 3,341,615
Directors to allot securities
14. To renew the authority given to 3,581,281,522 17,103,468 3,605,159
Directors to allot securities for
cash other than on a pro-rata basis
to shareholders and to sell
Treasury shares
15. To renew the Company's authority 3,596,102,981 2,866,597 3,020,598
to purchase its own shares
For further information please contact:
Barclays Public Relations
Chris Tucker
+44 (0) 20 7116 6223
Exhibit No. 12
29 April 2005
Barclays PLC
Barclays PLC announces that, in accordance with the provisions of paragraph 9.31
(b) of the Listing Rules, copies of resolutions other than those concerning
ordinary business passed at its Annual General Meeting held on Thursday 28 April
2005, have been submitted to the UK Listing Authority and will shortly be
available for inspection at the UK Listing Authority's Document Viewing
Facility, which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS