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.
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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.

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