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Evening Standard
Evening Standard
Business
Simon English

Tesco 'admits defeat' as it sells bank arm to Barclays in £700m deal

Barclays Tesco HAS United Kingdom Shore Capital Tesco Bank

Tesco has sold its banking arm to Barclays in a £700 million deal that signals a wider retreat from financial services by the big UK grocers.

Three weeks ago Sainsbury said it is open to offers for its own banking business as its shifts to a “Food First” strategy under CEO Simon Roberts.

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