Barclays UK Completes Previously Announced Acquisition of Tesco Bank

Group 1 - Barclays UK has completed the acquisition of Tesco Bank, which includes credit cards, unsecured personal loans, deposits, and the operating infrastructure [1][2] - A 10-year exclusive strategic partnership has been established between Barclays UK and Tesco Stores Limited to market and distribute financial products under the Tesco brand [1][3] - The acquisition is part of Barclays' strategy to increase investment in the UK and enhance financial service offerings to Tesco customers [3][4] Group 2 - Tesco Bank will continue to operate under its brand while being managed by Barclays UK, and approximately 2,800 Tesco Bank employees will transition to Barclays [2][4] - Tesco Bank was originally launched in 1997 as a joint venture and has since scaled back its services, including the discontinuation of current accounts and the sale of its mortgage portfolio [5] - The acquisition presents an opportunity for Barclays to cross-sell banking products to Tesco's extensive customer base, making Tesco Bank an attractive prospect for potential buyers [5][6]