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Thursday, 12 October, 2000, 14:08 GMT 15:08 UK
Barclays plans shopping portal
Woman surfing the internet
Barclays hopes to take a share of the online e-tailing market
Barclays Bank has forged an alliance with Japan's Nomura to launch a Barclaycard-branded online shopping portal later this year.

The two companies are to invest 30m in the shopping site, which is to be launched later this year.

Barclays' aim is to develop a new income stream via the internet, the company said.

Barclays is just one of several UK banks expanding their presence in e-banking and e-commerce, a market that has become increasingly competitive.

Its online rival Egg offers customers the chance to buy a wide variety of goods in its Egg shop.

Barclaycard is one of Europe's largest credit card providers.


"This is one of a series of new initiatives from Barclaycard, which will use our brand, customer base and e-commerce expertise to create new income opportunities," chief executive Bob Potts said.

"Building our credentials as a major player in internet-related commerce will be a significant factor in the growth of Barclaycard over the next five to ten years," he added.

Barclays aims to make its money from taking commission on all sales generated through its web site, as well as selling banner advertising on the site.

Barclays aims to have 350 retailers selling more than five million products by the end of next year on the internet portal and to be profitable by 2002.

About 50 retailers have already signed up, Barclays says.

Products should include gifts, computers, travel, health and beauty, music and clothing.

It has already unveiled plans to spend 325m this year on expanding its e-commerce ventures, compared with 180m last year.

Nomura help

Making money selling goods on the internet has not proved to be as easy as it sounds, with some European retailers, notably Boxman, Clickmango and Boo falling by the wayside.

Nomura has earned a UK reputation as a sharp operator in a wide range of activities, notably for turning around businesses such as the William Hill betting chain.

Recently, it pulled out of a deal to buy the Millennium Dome, citing its concern about the financial management of the site.

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03 Aug 00 | Business
Barclays profits leap
23 May 00 | Business
Barclays 325m web plans
27 Jul 00 | Business
Japanese bank buys up UK plc
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