BankingBusinessFinTech

Barclays acquires Tesco Bank for £600m

  • Barclays Bank is set to acquire the retail banking business of UK supermarket Tesco for £600 million.
  • The deal includes taking over Tesco’s banking operations in loans, credit cards, and customer savings and deposits.
  • Barclays will also enter an exclusive long-term partnership to offer Tesco-branded credit cards, personal loans, and deposits.
  • The acquisition is expected to remove £7.7 billion of capital-intensive assets and £6.7 billion of financial liabilities from Tesco’s balance sheet.
  • Around 2,800 Tesco Bank employees will move to Barclays.
  • The deal, subject to regulatory approval, is anticipated to conclude in the second half of 2024.
Previous article
Jennifer Taylor joins Plaid as the company’s first president
Next article
How Bret Taylor’s new company is rethinking customer experience in the age of AI
Laura M
Laura M
Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

You May Also Like

FinTech

JPMorgan Pilots Software to Monitor Junior Bankers’ Working Hours

New initiative aims to enhance oversight of junior employee hours worked.Highlights: JPMorgan tests software to monitor working hours...
FinTech

Goldman Sachs to Implement Performance-Based Staff Cuts in April

The bank plans restructuring amidst shifting financial landscape.Highlights: Goldman Sachs plans performance-based staff cuts in April.The restructuring aims...
FinTech

Nasdaq Secures SEC Approval for Trading Tokenized Securities

This marks a significant advancement in digital asset trading.Highlights: Nasdaq gains SEC approval for trading tokenized securities.This approval...
FinTech

Aveni Launches Agentic AI Council to Enhance AI Ethics

New council aims to guide ethical AI development and deployment strategies.Highlights: Aveni establishes the Agentic AI Council for...