Barclays Finalizes £600M Acquisition of Tesco Bank
Hey FinTech Fanatic!
Barclays has wrapped up its £600M acquisition of Tesco Bank, securing high court approval on October 17th. Under a ten-year partnership, Barclays will now operate Tesco’s banking services, while Tesco retains its insurance, ATM, and travel money operations.
This deal brings 2,800 Tesco Bank employees, billions in deposits, and personal loans under Barclays’ wing. Tesco plans to return £700M to shareholders with an additional buyback once its current £1B buyback is complete.
Ken Murphy, Tesco’s CEO, shared: “Through our partnership, customers will enjoy new, innovative services and the perks of Tesco Clubcard.”
Barclays CEO, CS Venkatakrishnan, added, “We’re thrilled to welcome Tesco Bank’s staff and customers, enhancing our investment in the UK.”
With Barclays' stock reaching a nine-year high, this acquisition promises to strengthen both brands, supporting millions of UK households with expanded financial services.
Cheers,
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🇬🇧 Barclays completes £600m Tesco Bank takeover. As part of a ten-year partnership, Barclays will manage Tesco Bank. Following the takeover, Tesco plans to return £700 million to shareholders via a share buyback, starting after its current £1 billion buyback program concludes.
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