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Gloucestershire Business News

Tesco sells banking arm

Supermarket giant, Tesco, has sold its banking arm to Barclays in a £600m deal.

The 2,800 staff working at Tesco Bank will move to Barclays as part of the deal, as reported by Retail Gazette.

Barclays will pay Tesco £600m for its existing banking operations in credit cards, savings and loans.

But Tesco will retain its bank's other activities, including insurance, ATMs, travel money and gift cards, which it said are "capital-light, profitable businesses with a strong connection to our core retail offer".

The retailer said the sale of Tesco Bank will reduce its financial liabilities, strengthen its balance sheet and allow it to focus on growing the core retail business.

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