HARTFORD - Shawmut National Corp. said it completed its $290 million acquisition of Barclays Business Credit, the U.S. commercial finance operation of London-based Barclays PLC.

Barclays Business Credit has been renamed Shawmut Capital Corp.

Based in Glastonbury, Conn., Shawmut Capital Corp. provides financing to middle-market companies through 16 offices, including 14 outside Shawmut's New England home base.

"The transaction is immediately accretive to earnings per share and enables us to expand our presence in the high-growth, high-return asset- based lending business," said Joel Alvord, Shawmut's chairman and chief executive officer.

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