- 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.
