Barclays Completes Purchase Of Tesco Bank For $775 Million [Forbes]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Forbes
Barclays has completed the acquisition of the majority of Tesco's banking operations in a deal that will allow the supermarket chain to return the proceeds of the sale to shareholders. The agreement, which was announced in February, stipulates that Barclays would gain the credit cards, unsecured personal loans and lending balances from Tesco for about £600 million ($775 million) followed by a further £100 million in cash after the settlement of regulatory capital amounts and after transaction costs. Tesco Bank's 2,800 staff will be transferred to Barclays as part of the deal. The British bank has also signed a 10-year distribution deal to sell financial products under the Tesco brand, which has been operating for 25 years already. "This acquisition is an important step in increasing our investment in the U.K.,” C.S. Venkatakrishnan, group CEO of Barclays, said in a filing to the exchange. “We look forward to collaborating with Tesco Group on delivering Tesco-branded financial
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