Tesco, one of the UK’s largest supermarket chains, is reportedly considering the sale of its banking arm. The move comes as Tesco seeks to focus on its core retail operations and streamline its business.
Tesco Bank was launched in 1997, offering a range of financial products such as current accounts, credit cards, and insurance services. It has around 5 million customers, and its products are available both in-store and online.
The sale of Tesco Bank could potentially generate hundreds of millions of pounds for the company, and would allow it to focus on its retail operations in an increasingly competitive market. The move is also expected to provide an opportunity for Tesco Bank to grow and expand under new ownership.
Tesco has not yet confirmed whether it will go ahead with the sale, but reports suggest that the company has appointed advisers to explore its options. The supermarket chain has previously sold other non-core businesses, such as its garden centers and the Giraffe restaurant chain.
The potential sale of Tesco Bank comes amid a trend of consolidation in the UK banking sector, with several major mergers and acquisitions taking place in recent years. It is expected that there will be a high level of interest from potential buyers, including other banks and financial services companies.\
Source Credit : https://news.sky.com/story/supermarket-giant-tesco-to-explore-sale-of-banking-arm-12813796