Barclays Bank UK PLC today announced that it has entered into an agreement to acquire Tesco's retail banking business and create an exclusive long-term partnership to provide Tesco-branded credit cards, personal loans and deposits.
Tesco's retail banking customer base is broadly similar to Barclays UK's existing customers and complements our current business, as well as expanding our existing UK relationships with other major retail, consumer electronics and loyalty program brands. will build a strategic partnership.
The acquisition and partnership is subject to regulatory approval and is expected to close in the second half of 2024. Once completed, it will welcome around 2,800 Tesco colleagues to Barclays.
CS Venkatakrishnan, Barclays Group Chief Executive Officercommented: “This strategic relationship with the UK’s largest retailer will help create new distribution channels for our unsecured lending and deposit business. You can use our expertise to further enhance the highly successful Tesco Clubcard loyalty scheme.
“This partnership with Tesco further demonstrates the continued investment we are making in our UK consumer business. I look forward to working closely with the team and, upon completion of the transaction, look forward to welcoming Tesco Bank colleagues and customers to Barclays.”
