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Barclays is looking to grow its UK consumer business

Professional Services Correspondent

Barclays has agreed to buy the retail banking operations of supermarket Tesco in a deal valued at £600m.

The acquisition comes after the bank’s CEO said last month that Barclays will look to shrink the size of its investment bank as a proportion of its business.

Barclays buys Tesco Bank’s retail business in £600m deal

Barclays buys Tesco Bank’s retail business in £700m deal

James Booth

Barclays

Tesco

Banking

Deals

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The appointment rewards the executive who led the bank back from a scandal involving the creation of millions of fake customer accounts.

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The New York investment firm posted a profit of $472.4 million, compared with $667.9 million a year earlier.

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The London-based bank said it is well on its way to achieving the target of returning at least $8 billion to shareholders over the three years ending in 2026.

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