Tesco has struck a deal to sell the bulk of its banking business to Barclays for £700m in a deal that will include the transfer of about 2,800 staff to the bank.
Britain’s biggest supermarket group has agreed to sell its credit card, loans and savings operations to Barclays but will retain profitable elements of Tesco Bank, including its insurance, ATM, travel money and gift card operations. Tesco will receive £600m in proceeds from Barclays followed by a further £100m in net cash once regulatory and other costs associated with the transaction are settled.
