The biggest bank in the world in terms of assets — Barclays plc — might be expanding in the U.S. The biggest hint to this move is the London-based bank's reaching the most lucrative naming rights deal for a professional stadium. Barclays reached an agreement to name the planned arena — Barclays Center — in Brooklyn for the NBA's New Jersey Nets, according to the New York Post. Although a dollar number was not mentioned, the Post reported a confidential December audit conducted by KPMG indicated the Nets estimate earning $31.2 million annually through arena sponsorship and naming rights.
Barclay's is a full-service bank offering personal banking, business banking and wealth management with a major presence in Europe, Asia and Africa. The bank has a smaller retail banking presence in the U.S. in New York and California but this recent investment for the naming rights may be the first step for a bigger Barclay's brand in the U.S. The deals for the exclusivity of the naming rights of arenas have become great revenue-generating sources for professional sports teams. The Barclays-Nets naming rights deal surpasses Citigroup's $400 million over 20 years with the New York Mets, which would give the baseball teams' new proposed stadium in Queens, the name Citi Field. — Gerald Magpily
See New York Post article
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