The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Barclays, Tesco, Bellway and S&U. Read the Friday 9 February Business Live blog below.
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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 £700million, kickstarting a 10-year ‘exclusive strategic partnership’ that will see the lender market and distribute credit cards, unsecured personal loans and deposits using the Tesco brand.
Barclays boss 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.
‘Similar to our acquisition of Kensington Mortgages last year, this partnership with Tesco is a further demonstration of the investment we continue to make in our UK consumer business.
‘We are looking forward to working closely with the team at Tesco over the coming months to enable a smooth transition and, subject to completion of the transaction, we look forward to welcoming Tesco Bank colleagues and customers to Barclays.’
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BUSINESS LIVE: Barclays to buy Tesco Bank; Bellway completions to slump 31%; Howden’s £1.1bn war chest
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