Barclays Bank UK PLC has announced the acquisition of Tesco Bank, the retail banking division of Tesco. This acquisition is complemented by an exclusive long-term partnership to offer credit cards, personal loans and deposits under the Tesco brand.
The integration of Tesco’s retail banking clients is in line with Barclays UK’s strategy to expand its customer base and market presence. Pending regulatory approval, this transaction is expected to close in the second half of 2024. As a result, around 2,800 Tesco employees will move to Barclays, reinforcing the bank’s commitment to excellence and innovation in customer service.
The Barclays group chief executive highlighted the strategic nature of the partnership, saying: “This partnership allows us to significantly diversify our distribution channels for our unsecured lending and deposits business. Our experience with card partners in the US will drive the development of Tesco’s Clubcard loyalty scheme, offering innovative financial solutions to meet customer needs.”