Barclays acquires Tesco Bank in £600m deal
Barclays has today confirmed it will acquire Tesco Bank in a £600m deal, which will see the bank take on the grocery giant’s 2,800 employees working across banking products.
In a statement published on the London Stock Exchange, Tesco said Barclays will pay the business £600m for its banking operations in credit cards, loans and savings.
Tesco confirmed it has entered a strategic partnership with Barclays alongside the deal, which will run initially for a 10-year period and see Tesco’s “market-leading brand” combined with Barclays’ “deep financial services capabilities”.
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