Barclays to buy retail banking arm of supermarket chain Tesco for £600 million

Tesco on Friday said it was selling the retailing banking business of Tesco Bank to Barclays for £600 million initially, and then another £100 million after the settlement of certain regulatory capital amounts and after transaction costs. The U.K. supermarket chain said it will use majority of a combined £1 billion, which also includes a special dividend previously announced from Tesco Bank, for a share buyback. It will retain insurance, ATMs, travel money and gift cards, that on a proforma basis accoun ...