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Barclays acquires Tesco Bank for £600m

February 20, 2024

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.