Barclays reportedly eyes Tesco Bank takeover

Barclays is reportedly mulling a takeover of Tesco Bank.

Tesco, which is looking to offload its banking unit, asked prospective buyers to submit non-binding offers by the end of last week.

According to sources cited by Retuers, Barclays made an indicative bid and is interested in Tesco Bank’s credit card and saving account products.

Other bidders are also expected, but the report notes that a deal could fail to materialise altogether. It is currently unclear how much any deal for Tesco Bank would cost.

Tesco Bank, launched in 1997 as a joint-venture between the supermarket and Royal Bank of Scotland, made £57 million in the first half of 2023, and had a book value at around £1.5 billion.

Barclays meanwhile is looking for ways of boosting its domestic retail bank in the UK with its share price down by around 10 per cent in the year to date. The bank acquired specialist mortgage lender Kensington Mortgages earlier this year.

Share Story:

Recent Stories

Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.