Tesco to ramp up buyback after striking banking deal with Barclays

Tesco PLC (LSE:TSCO) has sold the majority of its banking operations to Barclays PLC (LSE:BARC) for up to £700 million after striking a long-term strategic partnership. Tesco will receive an initial £600 million of proceeds, with a further £100 million net cash after settlement of regulatory capital amounts and after transaction costs. The UK’s biggest food retailer said the majority of the proceeds would be returned to shareholders in the form of an incremental share buyback. Combined with the previously a ...