Barclays financial service group came to life in the United Kingdom approximately 300 years ago. It started out first as goldsmith bankers and grew and expanded after that. After it became one of the best banks back then, Barclays began acquiring other banks across UK, such as Bolithos in Cornwall and the South West in 1905. By doing this Barclays became known throughout the company and so increased its market shares and profits. Whatever this company did was related to the fact that it wanted to increase its ability to perform its business effectively. Another great move made by Barclays is its acquisition of UK's largest bank with its head office outside of London, Martin's Bank, in 1969. There were many great banks within the UK, which was acquired by Barclays and one advantage of this is the fact that this company is now going to gain new market shares and profits.
After being satisfied with its progress in the United Kingdom, Barclays decided to make its name international by going abroad which was another great move. In the United Kingdom, Barclays had acquired many other small banks, gained large market and profits with each acquisition. As a result of this growth, this company had reached its maturity stage within UK itself; it has reached its peak of growth where all this company now do is make money. In an attempt to keep its reputation of being one of UK's greatest banks, the move to go abroad was welcomed.
This international move started around 1925 with a merger of these very large banks, the Colonial Bank, the Anglo Egyptian bank and the National Bank of South Africa. These mergers initiated business in Africa, the Caribbean and the Middle East, this bringing in more market and profits.
As was mentioned before most of the company's growth and expansion was an attempt to better and maybe even gain more business operations. Take for example the company's take over of Woolwich in 2000, this was an attempt to better its mortgage banking since Woolwich was and still is known as UK's leading mortgage bank. Some of Barclays business, which will be discussed, came about from going international. An example of this is Barclays Global Investors and its investment banking operations which started 1986.
Barclays financial group is known to many as just Barclays bank, mainly because it is not known the extent of their business operations. Barclays is not only known for its commercial business offered to UK and international customers, (current accounts, Savings accounts, insurance, mortgages, etc.), but also Wealth Management and Stock Brokers. Both of which are available to high net work individuals. Barclays wealth management includes offshore banking, stock broking, private banking etc. The availability of such business operations ensures that every segment of each market is taken care of, working class or otherwise. This strategy which is used by Barclays is essential and effective as there is something in it for everybody; each individual is taken care of in this company, whether they are looking for just a savings account or financial advice for a new or ongoing business.
Barclays is not only bank of the financial group available in UK. There are many others, which are good this therefore means competition for Barclays bank. Some of these competitions include Natwest, Abbey and Lloyd's TSB. These banks, like Barclays offer many different kinds of business operations, the difference, however, is the fact that these banks have not been as global as Barclays. In order to achieve goals and objectives this company sets, there is a need for in dept analysis of all factors which may have an effect on them actually completing their goals. One of these analyses is the competition analysis. Barclays can use or try to use its competition's strengths and weaknesses to their advantage in an attempt to out do them. By analysing their competitors' capabilities and weaknesses,...
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