Barclays buys Tesco’s banking business for £700 million – Kommersant
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Today, February 9, British bank Barclays announced on the purchase of most of the banking assets of retailer Tesco. The transaction amount will be £700 million ($970 million). Tesco is selling its loans, credit cards and savings business. Thus, the retailer gets rid of consumer debts of more than £8 billion ($10.1 billion) and customer deposits of £6.7 billion ($8.5 billion). The deal must still receive regulatory approval. It is expected to be completed in the second half of 2024.
The purchase of Tesco’s banking business will help Barclays develop its retail banking more actively. Previously, the bank’s management stated that Barclays was going to develop areas such as retail banking in order to reduce the share of the investment banking division in its income. Under the ten-year agreement, Barclays will continue to use the Tesco brand to promote credit cards and other financial products.
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