Barclays Acquires Tesco Bank in $775 Million Deal

The acquisition includes a 10-year partnership to offer Tesco-branded financial services as Tesco plans a £700 million shareholder buyback.

Barclays has completed the purchase of Tesco Bank's credit card, loan, and lending operations for approximately £600 million, with an additional £100 million to follow.
The deal includes a strategic 10-year agreement allowing Barclays to distribute financial products under the Tesco brand.
Tesco Bank's 2,800 employees will transition to Barclays, while Tesco retains its insurance and money services businesses.
Tesco plans to return £700 million to shareholders through a share buyback following the completion of an existing £1 billion program.
Both companies emphasize the potential for enhanced value and innovation for Tesco Bank customers through their collaboration.