Barclays to acquire Tesco’s retail banking business

Barclays Bank UK PLC (BCS) has entered into an agreement to acquire the retail banking business of Tesco (TSCDY) and enter into an exclusive long-term partnership to offer Tesco branded credit cards, personal loans and deposits. Barclays said “Tesco’s retail banking customer base is broadly similar to Barclays UK’s existing customers and will complement our current business, as well as build on our existing UK strategic partnerships with other leading retail, consumer electronics and loyalty program brands. The acquisition and partnership are subject to regulatory approval and expected to complete in the second half of 2024. Once completed, we will welcome approximately 2,800 Tesco colleagues to Barclays.” C.S. Venkatakrishnan, Group Chief Executive of Barclays, commented: “This strategic relationship with the UK’s largest retailer will help create new distribution channels for our unsecured lending and deposit businesses. We are able to bring our expertise in partnership cards developed over decades in the US to enhance further the highly successful Tesco Clubcard loyalty scheme.”