Home Money BUSINESS LIVE: Barclays to buy Tesco Bank; Bellway completions to slump 31%; Howden’s £1.1bn war chest

BUSINESS LIVE: Barclays to buy Tesco Bank; Bellway completions to slump 31%; Howden’s £1.1bn war chest

by Elijah
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BUSINESS LIVE: Barclays to buy Tesco Bank; Bellway completions to slump 31%; Howden's £1.1bn war chest

The FTSE 100 will open at 8am Companies with trading reports and updates today include Barclays, Tesco, Bellway and S&U. Read the Business Live blog from Friday 9 February below.

> If you are using our app or a third-party site, click here to read Business Live

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Barclays to buy Tesco Bank

Barclays is set to buy Tesco’s retail banking operations in a deal worth up to £700m, starting a 10-year “exclusive strategic partnership” that will span the lender market and distribute credit cards, unsecured personal loans and warehouses using the Tesco brand.

Barclays boss CS Venkatakrishnan said: ‘This strategic relationship with the UK’s largest retailer will help create new distribution channels for our deposit and unsecured lending businesses.

‘We can bring our partner card expertise developed over decades in the US to further enhance the successful Tesco Clubcard loyalty programme.

‘Like our acquisition of Kensington Mortgages last year, this partnership with Tesco is further demonstration of the investment we continue to make in our UK consumer business.

“We look forward to working closely with the Tesco team over the coming months to enable a smooth transition and, subject to completion of the transaction, look forward to welcoming Tesco Bank colleagues and customers to Barclays.”

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