Barclays today announced that Barclays Bank UK PLC has entered into an agreement to acquire the retail banking business of Tesco and enter into an exclusive long-term partnership to offer Tesco branded credit cards, personal loans and deposits.
Tesco’s retail banking customer base is broadly similar to Barclays UK’s existing customers and will complement Barclays’ current business, as well as build on its existing UK strategic partnerships with other leading retail, consumer electronics and loyalty programme brands.
The acquisition and partnership are subject to regulatory approval and expected to complete in the second half of 2024. Once completed, Barclays will welcome approximately 2,800 Tesco colleagues to Barclays.
C.S. Venkatakrishnan, Group Chief Executive of Barclays, commented:
“This…
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