Barclays To Buy Tesco's Banking Operations For Around $760 Million
By Elena Vardon
Barclays has agreed to buy Tesco's retail banking branch for a consideration of around 600 million pounds ($757 million).
The British lender said on Friday that its U.K. business will acquire Tesco Bank's credit cards, unsecured personal loans, deposits and operating infrastructure. Around 2,800 employees working on banking products will transfer to Barclays, it added.
Tesco will retain the branches other activities, which include insurance, ATMs, travel money and gift cards, the grocer said in a separate statement. It added that it intends to return some of the cash from the deal it to shareholders via an incremental share buyback.
The transaction is set to close in the second half of 2024.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
February 09, 2024 02:39 ET (07:39 GMT)
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