Future Of British Business
Barclays to Acquire Tesco’s Retail Bank, Grocer Vows Buyback
- Lender to pay £600 million for deal set to close in late 2024
- Move part of Barclays’ efforts to expand in retail banking
This article is for subscribers only.
Barclays Plc said it will acquire much of Tesco Plc’s banking business as the lender seeks to establish a greater foothold in retail banking in the UK.
Barclays expects to pay about £600 million ($758 million), according to a statement on Friday. Tesco separately said it expects to receive around £1 billion in cash from the sale — which includes the release of regulatory capital and an earlier dividend paid by Tesco Bank — and it will use the majority of that for a share buyback.