Barclays acquires Tesco Bank’s credit card, loan, and savings operations

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Barclays will acquire the banking product development efforts of approximately 2,800 Tesco Bank employees, per the agreement. The EUR 600 million deal has a “initial” agreement lasting 10 years.

The key facts page of Tesco Bank states that 3,540 employees are employed by their banking division at the moment. Tesco will continue to offer banking services and products under its own brand under the partnership, and Tesco will get paid a yearly fee to use its name.

Tesco said in their announcement that the transaction would eliminate EUR 6.7 billion in financial liabilities and EUR 7.7 billion in capital-intensive assets from their balance sheet.

Read More: Tesco Bank sells credit cards, loans and savings operations to Barclays

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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