The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n
In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Barclays is exploring a potential acquisition of Tesco's banking operations. Amidst efforts by the British retailer to minimize its financial services, Barclays has emerged as one of the potential parties aiming to acquire a stake in Tesco Bank.<\/p>\n\n\n\n According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Barclays is exploring a potential acquisition of Tesco's banking operations. Amidst efforts by the British retailer to minimize its financial services, Barclays has emerged as one of the potential parties aiming to acquire a stake in Tesco Bank.<\/p>\n\n\n\n According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Barclays is exploring a potential acquisition of Tesco's banking operations. Amidst efforts by the British retailer to minimize its financial services, Barclays has emerged as one of the potential parties aiming to acquire a stake in Tesco Bank.<\/p>\n\n\n\n According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Barclays is exploring a potential acquisition of Tesco's banking operations. Amidst efforts by the British retailer to minimize its financial services, Barclays has emerged as one of the potential parties aiming to acquire a stake in Tesco Bank.<\/p>\n\n\n\n According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14371,"post_author":"1","post_date":"2023-11-19 03:50:56","post_date_gmt":"2023-11-18 16:50:56","post_content":"\n Barclays is exploring a potential acquisition of Tesco's banking operations. Amidst efforts by the British retailer to minimize its financial services, Barclays has emerged as one of the potential parties aiming to acquire a stake in Tesco Bank.<\/p>\n\n\n\n According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In addition to the acquisition, Barclays and Tesco have forged a strategic partnership, initially set for ten years. This collaboration will see Barclays offering Tesco-branded banking products and services, leveraging the popularity of Tesco's Clubcard loyalty scheme. Tesco stands to gain annual fees of 50 million pounds from this arrangement, further bolstering its revenue stream.<\/p>\n\n\n\n The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14371,"post_author":"1","post_date":"2023-11-19 03:50:56","post_date_gmt":"2023-11-18 16:50:56","post_content":"\n Barclays is exploring a potential acquisition of Tesco's banking operations. Amidst efforts by the British retailer to minimize its financial services, Barclays has emerged as one of the potential parties aiming to acquire a stake in Tesco Bank.<\/p>\n\n\n\n According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In addition to the acquisition, Barclays and Tesco have forged a strategic partnership, initially set for ten years. This collaboration will see Barclays offering Tesco-branded banking products and services, leveraging the popularity of Tesco's Clubcard loyalty scheme. Tesco stands to gain annual fees of 50 million pounds from this arrangement, further bolstering its revenue stream.<\/p>\n\n\n\n The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14371,"post_author":"1","post_date":"2023-11-19 03:50:56","post_date_gmt":"2023-11-18 16:50:56","post_content":"\n Barclays is exploring a potential acquisition of Tesco's banking operations. Amidst efforts by the British retailer to minimize its financial services, Barclays has emerged as one of the potential parties aiming to acquire a stake in Tesco Bank.<\/p>\n\n\n\n According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth<\/a><\/p>\n\n\n\n In addition to the acquisition, Barclays and Tesco have forged a strategic partnership, initially set for ten years. This collaboration will see Barclays offering Tesco-branded banking products and services, leveraging the popularity of Tesco's Clubcard loyalty scheme. Tesco stands to gain annual fees of 50 million pounds from this arrangement, further bolstering its revenue stream.<\/p>\n\n\n\n The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14371,"post_author":"1","post_date":"2023-11-19 03:50:56","post_date_gmt":"2023-11-18 16:50:56","post_content":"\n Barclays is exploring a potential acquisition of Tesco's banking operations. Amidst efforts by the British retailer to minimize its financial services, Barclays has emerged as one of the potential parties aiming to acquire a stake in Tesco Bank.<\/p>\n\n\n\n According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
For Tesco, selling its banking arm represents a strategic realignment of resources towards its retail operations. While Barclays takes over Tesco's banking functions, the supermarket giant will retain control of other key services such as insurance, ATMs, travel money, and gift cards. The decision aligns with Tesco's focus on enhancing its retail offerings and streamlining its business model.<\/p>\n\n\n\n See Related:<\/em><\/strong> Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth<\/a><\/p>\n\n\n\n In addition to the acquisition, Barclays and Tesco have forged a strategic partnership, initially set for ten years. This collaboration will see Barclays offering Tesco-branded banking products and services, leveraging the popularity of Tesco's Clubcard loyalty scheme. Tesco stands to gain annual fees of 50 million pounds from this arrangement, further bolstering its revenue stream.<\/p>\n\n\n\n The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14371,"post_author":"1","post_date":"2023-11-19 03:50:56","post_date_gmt":"2023-11-18 16:50:56","post_content":"\n Barclays is exploring a potential acquisition of Tesco's banking operations. Amidst efforts by the British retailer to minimize its financial services, Barclays has emerged as one of the potential parties aiming to acquire a stake in Tesco Bank.<\/p>\n\n\n\n According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
According to a report by Reuters<\/em>, Barclays' acquisition of Tesco's<\/a> banking operations encompasses credit cards, loans, and savings, adding substantial unsecured loans and deposits to its portfolio. The move comes amidst investor unease about Barclays' stock performance relative to its competitors. With this acquisition, Barclays aims to leverage Tesco's established banking infrastructure to enhance its distribution channels.<\/p>\n\n\n\n For Tesco, selling its banking arm represents a strategic realignment of resources towards its retail operations. While Barclays takes over Tesco's banking functions, the supermarket giant will retain control of other key services such as insurance, ATMs, travel money, and gift cards. The decision aligns with Tesco's focus on enhancing its retail offerings and streamlining its business model.<\/p>\n\n\n\n See Related:<\/em><\/strong> Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth<\/a><\/p>\n\n\n\n In addition to the acquisition, Barclays and Tesco have forged a strategic partnership, initially set for ten years. This collaboration will see Barclays offering Tesco-branded banking products and services, leveraging the popularity of Tesco's Clubcard loyalty scheme. Tesco stands to gain annual fees of 50 million pounds from this arrangement, further bolstering its revenue stream.<\/p>\n\n\n\n The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14371,"post_author":"1","post_date":"2023-11-19 03:50:56","post_date_gmt":"2023-11-18 16:50:56","post_content":"\n Barclays is exploring a potential acquisition of Tesco's banking operations. Amidst efforts by the British retailer to minimize its financial services, Barclays has emerged as one of the potential parties aiming to acquire a stake in Tesco Bank.<\/p>\n\n\n\n According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Barclays has announced its acquisition of most of Tesco's banking arm for $757 million. The deal marks a shift for both companies, with Tesco poised to refocus on its core retail business while Barclays expands its banking operations.<\/p>\n\n\n\n According to a report by Reuters<\/em>, Barclays' acquisition of Tesco's<\/a> banking operations encompasses credit cards, loans, and savings, adding substantial unsecured loans and deposits to its portfolio. The move comes amidst investor unease about Barclays' stock performance relative to its competitors. With this acquisition, Barclays aims to leverage Tesco's established banking infrastructure to enhance its distribution channels.<\/p>\n\n\n\n For Tesco, selling its banking arm represents a strategic realignment of resources towards its retail operations. While Barclays takes over Tesco's banking functions, the supermarket giant will retain control of other key services such as insurance, ATMs, travel money, and gift cards. The decision aligns with Tesco's focus on enhancing its retail offerings and streamlining its business model.<\/p>\n\n\n\n See Related:<\/em><\/strong> Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth<\/a><\/p>\n\n\n\n In addition to the acquisition, Barclays and Tesco have forged a strategic partnership, initially set for ten years. This collaboration will see Barclays offering Tesco-branded banking products and services, leveraging the popularity of Tesco's Clubcard loyalty scheme. Tesco stands to gain annual fees of 50 million pounds from this arrangement, further bolstering its revenue stream.<\/p>\n\n\n\n The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14371,"post_author":"1","post_date":"2023-11-19 03:50:56","post_date_gmt":"2023-11-18 16:50:56","post_content":"\n Barclays is exploring a potential acquisition of Tesco's banking operations. Amidst efforts by the British retailer to minimize its financial services, Barclays has emerged as one of the potential parties aiming to acquire a stake in Tesco Bank.<\/p>\n\n\n\n According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Barclays has announced its acquisition of most of Tesco's banking arm for $757 million. The deal marks a shift for both companies, with Tesco poised to refocus on its core retail business while Barclays expands its banking operations.<\/p>\n\n\n\n According to a report by Reuters<\/em>, Barclays' acquisition of Tesco's<\/a> banking operations encompasses credit cards, loans, and savings, adding substantial unsecured loans and deposits to its portfolio. The move comes amidst investor unease about Barclays' stock performance relative to its competitors. With this acquisition, Barclays aims to leverage Tesco's established banking infrastructure to enhance its distribution channels.<\/p>\n\n\n\n For Tesco, selling its banking arm represents a strategic realignment of resources towards its retail operations. While Barclays takes over Tesco's banking functions, the supermarket giant will retain control of other key services such as insurance, ATMs, travel money, and gift cards. The decision aligns with Tesco's focus on enhancing its retail offerings and streamlining its business model.<\/p>\n\n\n\n See Related:<\/em><\/strong> Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth<\/a><\/p>\n\n\n\n In addition to the acquisition, Barclays and Tesco have forged a strategic partnership, initially set for ten years. This collaboration will see Barclays offering Tesco-branded banking products and services, leveraging the popularity of Tesco's Clubcard loyalty scheme. Tesco stands to gain annual fees of 50 million pounds from this arrangement, further bolstering its revenue stream.<\/p>\n\n\n\n The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14371,"post_author":"1","post_date":"2023-11-19 03:50:56","post_date_gmt":"2023-11-18 16:50:56","post_content":"\n Barclays is exploring a potential acquisition of Tesco's banking operations. Amidst efforts by the British retailer to minimize its financial services, Barclays has emerged as one of the potential parties aiming to acquire a stake in Tesco Bank.<\/p>\n\n\n\n According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n See Related:<\/em><\/strong> Central Bank Digital Currencies<\/a><\/p>\n\n\n\n Tesco Bank, established in 1997 as a joint venture between the supermarket giant and Royal Bank of Scotland, witnessed Tesco's banking acquisition gradual increase in control over the years. Despite once considering it a growth area, Tesco has been scaling back its banking services, discontinuing current accounts, and offloading its mortgage portfolio to Lloyds Banking Group.<\/p>\n\n\n\n The proposed deal's valuation for Tesco Bank assets remains undisclosed. However, the company reported \u00a357 million in pre-tax profits in the six months leading up to August 31, 2023, with a book value close to \u00a31.5 billion at the end of the period.<\/p>\n\n\n\n In September, Barclays entered the $1.5 trillion private credit market through a partnership with AGL Credit Management<\/a>, The Distributed<\/em> reported. This collaboration aims to merge Barclays' loan origination capabilities with AGL's expertise in credit investments.<\/p>\n\n\n\n AGL Credit, co-founded by industry veterans Peter Gleysteen and the late Thomas Lee, traditionally focused on bank loans and collateralized loan obligations (CLOs). <\/p>\n","post_title":"Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-eyes-tesco-bank-acquisition-in-push-for-retail-banking-growth","to_ping":"","pinged":"","post_modified":"2023-11-20 16:02:42","post_modified_gmt":"2023-11-20 05:02:42","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Barclays has announced its acquisition of most of Tesco's banking arm for $757 million. The deal marks a shift for both companies, with Tesco poised to refocus on its core retail business while Barclays expands its banking operations.<\/p>\n\n\n\n According to a report by Reuters<\/em>, Barclays' acquisition of Tesco's<\/a> banking operations encompasses credit cards, loans, and savings, adding substantial unsecured loans and deposits to its portfolio. The move comes amidst investor unease about Barclays' stock performance relative to its competitors. With this acquisition, Barclays aims to leverage Tesco's established banking infrastructure to enhance its distribution channels.<\/p>\n\n\n\n For Tesco, selling its banking arm represents a strategic realignment of resources towards its retail operations. While Barclays takes over Tesco's banking functions, the supermarket giant will retain control of other key services such as insurance, ATMs, travel money, and gift cards. The decision aligns with Tesco's focus on enhancing its retail offerings and streamlining its business model.<\/p>\n\n\n\n See Related:<\/em><\/strong> Barclays Eyes Tesco Bank Acquisition In Push For Retail Banking Growth<\/a><\/p>\n\n\n\n In addition to the acquisition, Barclays and Tesco have forged a strategic partnership, initially set for ten years. This collaboration will see Barclays offering Tesco-branded banking products and services, leveraging the popularity of Tesco's Clubcard loyalty scheme. Tesco stands to gain annual fees of 50 million pounds from this arrangement, further bolstering its revenue stream.<\/p>\n\n\n\n The acquisition and partnership<\/a> between Barclays and Tesco are subject to regulatory approval and are expected to be finalized in the second half of 2024. Barclays CEO C.S. Venkatakrishnan highlighted the strategic significance of the partnership, emphasizing the creation of new distribution channels for Barclays' lending and deposit businesses.<\/p>\n","post_title":"Barclays To Acquire Majority Of Tesco's Banking Operations In $757 Million Deal","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"barclays-to-acquire-majority-of-tescos-banking-operations-in-757-million-deal","to_ping":"","pinged":"","post_modified":"2024-02-12 05:37:12","post_modified_gmt":"2024-02-11 18:37:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=15388","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14371,"post_author":"1","post_date":"2023-11-19 03:50:56","post_date_gmt":"2023-11-18 16:50:56","post_content":"\n Barclays is exploring a potential acquisition of Tesco's banking operations. Amidst efforts by the British retailer to minimize its financial services, Barclays has emerged as one of the potential parties aiming to acquire a stake in Tesco Bank.<\/p>\n\n\n\n According to a report by Reuters<\/em> quoting sources familiar with the matter, Barclays has put forth a preliminary offer<\/a>, mainly focusing on Tesco Bank's credit card and savings account products.<\/p>\n\n\n\n Barclays' interest in Tesco Bank marks a strategic step to bolster its domestic retail banking arm during a period when the group is aiming to strengthen its share price. This pursuit follows Barclays' recent acquisition of Kensington Mortgages.<\/p>\n\n\n\n
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Barclays Expands Banking Operations<\/h2>\n\n\n\n
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