Barclays has agreed to buy the retail banking business of Tesco Bank, including acquiring its 2,800 staff, the companies have announced. The banking giant expects to pay roughly £600 million for the credit cards, loans, savings and operating systems of the UK’s largest supermarket.
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00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post
00:06 and here are your business headlines for this morning.
00:09 Barclays has agreed to buy the retail banking business of Tesco Bank, including acquiring
00:14 its 2,800 staff, the companies have announced today.
00:19 The banking giant expects to pay roughly £600 million for credit cards, loans, savings and
00:26 operating systems of the UK's largest supermarket.
00:31 The announcement follows a period of speculation that Tesco was considering selling its banking
00:34 arm in order to focus on its retail business, which means its supermarkets.
00:40 The deal comes with Tesco's credit cards and secured personal loans worth about £8.3 billion
00:46 and approximately £6.7 billion in customer deposits.
00:50 Tesco Bank employees will also transfer to Barclays over time.
00:56 Some remaining elements of the supermarket bank, including its insurance products, travel
01:01 money and ATMs, are not included in the deal.
01:04 So the big announcement this morning, Barclays has agreed to buy the retail banking business
01:09 of Tesco Bank.
01:11 My name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
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