Barclays completes £600m Tesco Bank deal

Barclays has announced thatit hassuccessfully completed its £600m acquisition of Tesco Bank following high court approval.

The acquired business includes credit cards, unsecured personal loans, deposits and the operating infrastructure which, following completion of the acquisition, will continue to be operated under the ownership and management of Barclays UK.

The new partnership will see Barclays manage Tesco Bank while Tesco retains its insurance and money services. The acquisition includes 2,800 Tesco Bank employees and significant customer deposits.

C.S. Venkatakrishnan, Group Chief Executive of Barclays said “This acquisition is an important step in increasing our investment in the UK. We look forward to collaborating with Tesco Group on delivering Tesco-branded financial services. We are delighted to welcome all transferring Tesco Bank employees and customers to Barclays.”

Vim Maru, Chief Executive of Barclays said “Today marks a significant step as we continue to grow Barclays UK. We will bring the strength of both businesses together, benefitting customers and colleagues. I am excited that the combination of our brands, alongside the benefits of Clubcard and its loyalty scheme, will support millions of households across the UK with their financial needs.”

Ken Murphy, Group Chief Executive of Tesco said “We are delighted to be working alongside Barclays to unlock even greater value for Tesco Bank customers. Through our strategic partnership, customers will have access to new and innovative propositions, while continuing to enjoy the unique benefits of Tesco Clubcard. This is a significant moment for all our colleagues at Tesco Bank and I want to say a heartfelt thank you for all their hard work, helping millions of loyal customers to manage their money for more than 25 years. Their dedication is relentless and I know that this new partnership with Barclays will only build on their success.”