Barclays Buys Tesco Bank in Up to £700m Deal

The acquisition includes key banking services and a strategic partnership, aiming to bolster both companies' market positions.

Barclays acquires Tesco Bank's retail banking operations in a deal valued at up to £700m, marking a significant shift in the UK's banking landscape.
The acquisition includes Tesco Bank's credit cards, loans, and savings accounts, with approximately 2,800 staff transitioning to Barclays.
Tesco retains certain banking services such as insurance, ATMs, travel money, and gift cards, and enters a 10-year strategic partnership with Barclays.
The deal is expected to strengthen Tesco's finances, allowing it to focus on its core retail business, with the majority of the proceeds planned to be returned to shareholders.
Barclays aims to leverage the acquisition to enhance its unsecured lending and deposit businesses, benefiting from Tesco's extensive customer base.