In March 2016, we announced our intention to operate through two principal business divisions: Barclays UK and Barclays International. As well as accelerating the delivery of our strategy, this change helped enable Barclays to fulfil the requirements of our UK regulators in regard to ring-fencing.
Until 1 April 2018, both Barclays UK and Barclays International operated within the legal entity of Barclays Bank PLC. Barclays UK offered everyday products and services to retail and consumer customers and small to medium sized enterprises based in the UK, and Barclays International delivered products and services designed for our larger corporate, wholesale and international banking clients. On the 1 April 2018, we formally separated the Barclays UK division into a new legal entity – Barclays Bank UK PLC – which became our UK ring-fenced bank.
In 2017, Barclays made significant progress reorganising the business to enable a sharper focus on our strengths as a transatlantic consumer and wholesale bank with global reach. Products and services designed for our larger corporate, wholesale and international banking clients continues to be offered by Barclays International from within Barclays Bank PLC.
In September 2017, in preparation for the separation of the Barclays UK business into its separate legal entity, we created our Group Service Company, Barclays Services Limited, as a subsidiary of Barclays PLC. The Group Service Company delivers critical infrastructure services to businesses within the Barclays Group and enhances operational continuity for our business units, facilitating the execution of recovery and resolution plans in the event of financial difficulty. It will also become a centre of excellence for services required by the business, such as fraud management and cyber security, reducing duplication and promoting best practice across our businesses.
The new organisational structure, illustrated below, brings complementary businesses more closely together; creates an enhanced focus on our client proposition and offering across all target sectors; and, through the creation of the new Group Service Company, establishes a centre of service excellence that will drive efficiency and increase the Group’s resilience.