Barclays pays £700m to buy retail banking Tesco

Barclays spends 700 million pounds, closing the deal to buy Tesco Bank of "Tesco", confirming that it will not abandon 2.8 thousand employees, while "Tesco" turns its focus to the food business, preparing to return cash to shareholders.

Barclays Bankof England revealed on Friday (9 February) that it had agreed to buy Tesco's retail banking business. This is because Tesco, a giant supermarket, will focus on its main business of food.

The AP news agency reported statements from both companies stating that Barclays will pay £700 million to buy Tesco Bank, which operates credit cards, loans and deposits.

Barclays stated that Tesco Bank's 2,800 employees will be retained, including senior executives. and brands representing some of the UK's largest retailers.

Tesco has revealed that it will return most of the cash from the sale of Tesco Bank to shareholders.

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