- HSBC expresses interest in acquiring Tesco’s banking arm, submitting an offer, as reported by Sky News.
- Tesco Bank, headquartered in Edinburgh, Scotland, was founded in 1997 and employs over 3,500 people, serving five million customers in the UK with savings accounts, insurance, and credit cards.
- Barclays and Lloyds Banking Group, along with HSBC, are among the high-street banks competing for Tesco Bank.
- Tesco Bank’s exploration of a potential sale aligns with a trend in the UK banking sector, including Coventry Building Society eyeing a takeover of Co-operative Bank and Co-operative Bank’s interest in Sainsbury’s Bank’s mortgage loan book in February 2023.
- Tesco Bank exited the UK mortgage market in 2019, selling its mortgage book to Lloyds Banking Group for £3.8 billion.
HSBC reportedly enters race to buy Tesco’s banking business
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