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Financial servicesLatest NewsMergers and acquisitionsSectorsTUPE

Tesco Bank staff to transfer to Barclays

by Adam McCulloch 9 Feb 2024
by Adam McCulloch 9 Feb 2024 Photo: Shutterstock
Photo: Shutterstock

About 2,800 of Tesco Bank staff are to transfer to Barclays.

The UK’s third largest bank by market share is buying Tesco’s retail banking operations in a £600m deal.

The retailer said Barclays would work closely with the supermarket to support staff who were being transferred. These will include Tesco Bank’s senior management team.

Barclays will take over Tesco Bank’s credit cards, loans and savings accounts and will market Tesco-branded banking services.

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The supermarket has retained some of Tesco Bank’s services, including insurance, ATMs, travel money and gift cards.

It has also agreed a partnership, initially for 10 years, under which Barclays will market and distribute credit cards, unsecured personal loans and deposits using the Tesco brand.

The supermarket’s chief executive, Ken Murphy, said the deal would strengthen Tesco’s finances and allow it to grow its core retail business. The company said that the majority of the proceeds from the deal would be returned to shareholders.

Barclays Group chief executive C.S. Venkatakrishnan said: “This strategic relationship with the UK’s largest retailer will help create new distribution channels for our unsecured lending and deposit businesses.

“We are able to bring our expertise in partnership cards developed over decades in the US to enhance further the highly successful Tesco Clubcard loyalty scheme.”

Barclays said it would integrate the business into its own over time.

Last month, Sainsbury’s said it was planning a “phased withdrawal” from its banking division in order to focus on its core food business. The Co-operative Bank has agreed to buy Sainsbury’s Bank’s mortgage portfolio.

Tesco said customers did not need to take any action and it would contact them over the coming months.

 

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Adam McCulloch

Adam McCulloch first worked for Personnel Today magazine in the early 1990s as a sub editor. He rejoined Personnel Today as a writer in 2017, covering all aspects of HR but with a special interest in diversity, social mobility and industrial relations. He has ventured beyond the HR realm to work as a freelance writer and production editor in sectors including travel (The Guardian), aviation (Flight International), agriculture (Farmers' Weekly), music (Jazzwise), theatre (The Stage) and social work (Community Care). He is also the author of KentWalksNearLondon. Adam first became interested in industrial relations after witnessing an exchange between Arthur Scargill and National Coal Board chairman Ian McGregor in 1984, while working as a temp in facilities at the NCB, carrying extra chairs into a conference room!

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