Stay informed with free updates
Simply sign up to the UK banks myFT Digest — delivered directly to your inbox.
Barclays has agreed to buy the bulk of Tesco’s banking business in a £600mn deal, as the UK’s supermarket chains continue their retreat from financial services.
Barclays said on Friday that it would take on Tesco Bank’s credit cards and unsecured personal loans, totalling about £8.3bn of lending balances.
It has also signed a 10-year distribution deal to sell products under the Tesco brand. Under the agreement, the UK’s largest supermarket will keep its insurance, ATMs, travel money and gift card operations.
Last month, rival UK supermarket group Sainsbury’s said it planned a “phased withdrawal” from its banking business.
Read the full article here