Barclays Buys Tesco's Retail Banking Business, Commences Partnership [Yahoo! Finance]
Barclays PLC (BCS)
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Source: Yahoo! Finance
Further, Barclays UK has entered into a long-term strategic collaboration with Tesco Stores Limited. The acquired business comprises credit cards, unsecured personal loans, deposits and operating infrastructure, which will continue to operate under the “Tesco Bank” brand and the ownership and management of Barclays UK following the completion of the acquisition. The total consideration payable by Barclays UK at completion was £0.6 billion, subject to customary post-completion purchase price adjustments. The company will get tangible net assets of £1 billion, consisting of £4.2 billion of gross credit card receivables and £4.2 billion of gross unsecured personal loans, together with £6.8 billion in customer deposits. Moreover, the exclusive strategic partnership with Tesco Stores Limited is initially for 10 years, enabling Barclays UK to distribute credit cards, unsecured personal loans and deposits using the Tesco brand. Furthermore, it allows Barclays UK to explore other opp
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BCS
Sec Filings
- 11/19/24 - Form 13F-HR/A
- 11/15/24 - Form 13F-HR
- 11/1/24 - Form 6-K
- BCS's page on the SEC website