Barclays Buys Tesco's Retail Banking Business, Commences Partnership

Zacks11-04

Barclays PLC BCS has completed the acquisition of the retail banking business of Tesco Personal Finance plc. The deal was announced this February.Further, Barclays UK has entered into a long-term ...

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The deal was announced this February.Further, Barclays UK has entered into a long-term ...</p>\n\n<a href=\"https://finance.yahoo.com/news/barclays-buys-tescos-retail-banking-144400127.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BBT3K403.USD","symbol_name":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","start_time":0,"source_url":"https://finance.yahoo.com/news/barclays-buys-tescos-retail-banking-144400127.html","article_id":"2481536305","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/0B3b99UrWg5HeBq_pd7Ejg--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/5bbea15fd152c1fe1e99800e27e2dcfa"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481536305","pubTimestamp":1730731440,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Barclays PLC BCS has completed the acquisition of the retail banking business of Tesco Personal Finance plc. The deal was announced this February.Further, Barclays UK has entered into a long-term strategic collaboration with Tesco Stores Limited.Details of the Acquisition & Partnership Pursued by BCS. The acquired business comprises credit cards, unsecured personal loans, deposits and operating infrastructure, which will continue to operate under the “Tesco Bank” brand and the ownership and management of Barclays UK following the completion of the acquisition.The total consideration payable by Barclays UK at completion was 0.6 billion, subject to customary post-completion purchase price adjustments. The company will get tangible net assets of 1 billion, consisting of 4.2 billion of gross credit card receivables and 4.2 billion of gross unsecured personal loans, together with 6.8 billion in customer deposits.Moreover, the exclusive strategic partnership with Tesco Stores Limited is init","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU0742537680.HKD":"FIDELITY GLOBAL DIVIDEND \"A \" (HKD) INC","LU1481011671.HKD":"FIDELITY GLOBAL DIVIDEND \"A\" (HKDHDG) INC","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU1481011911.USD":"FIDELITY GLOBAL DIVIDEND \"A\" (USDHDG) INC","BK4585":"ETF&股票定投概念","IE00BDGV0183.EUR":"GUINNESS GLOBAL EQUITY INCOME \"C\" (EUR) INC","BK4207":"综合性银行","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","IE00B64PRP62.GBP":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (GBP) ACC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","BK4581":"高盛持仓","IE00B3QW5Z07.USD":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (USD) ACC","BK4504":"桥水持仓","BK4135":"资产管理与托管银行","OWL":"Blue Owl Capital Inc.","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","IE00BVYPNV92.GBP":"GUINNESS GLOBAL EQUITY INCOME \"C\" (GBP) ACC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc SGD-H","IE00BGHQF631.EUR":"GUINNESS GLOBAL EQUITY INCOME \"C\" (EUR) ACC","LU0731783048.USD":"FIDELITY GLOBAL DIVIDEND \"A\" (USD) INC MONTHLY (G)","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0772969993.USD":"FIDELITY GLOBAL DIVIDEND \"A\" (USD) ACC","IE00B3PB1722.GBP":"GUINNESS GLOBAL EQUITY INCOME \"C\" (GBP) INC","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU0731783394.SGD":"Fidelity Global Dividend A-MINCOME(G)-SGD","IE00B42XCP33.USD":"GUINNESS GLOBAL EQUITY INCOME \"C\" (USD) INC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","BK4521":"英国银行股","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU1509826696.USD":"FIDELITY GLOBAL DIVIDEND \"A\" (USD) INC B","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU1599440770.SGD":"FIDELITY GLOBAL DIVIDEND \"A\" (SGDHDG) INC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","BCS":"巴克莱银行","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU1989771016.USD":"东方汇理环球老龄化投资基金 A2 Acc","BK4567":"ESG概念","BK4534":"瑞士信贷持仓","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","IE00BVYPNW00.USD":"GUINNESS GLOBAL EQUITY INCOME \"C\" (USD) ACC","BK4588":"碎股","BLK":"贝莱德"},"translate_title":"巴克莱收购特易购零售银行业务并开始合作","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"OWL":1,"BLK":1,"BCS":0.9},"content_text":"Barclays PLC BCS has completed the acquisition of the retail banking business of Tesco Personal Finance plc. The deal was announced this February.Further, Barclays UK has entered into a long-term strategic collaboration with Tesco Stores Limited.\nDetails of the Acquisition & Partnership Pursued by BCS\nThe acquired business comprises credit cards, unsecured personal loans, deposits and operating infrastructure, which will continue to operate under the “Tesco Bank” brand and the ownership and management of Barclays UK following the completion of the acquisition.The total consideration payable by Barclays UK at completion was £0.6 billion, subject to customary post-completion purchase price adjustments. The company will get tangible net assets of £1 billion, consisting of £4.2 billion of gross credit card receivables and £4.2 billion of gross unsecured personal loans, together with £6.8 billion in customer deposits.Moreover, the exclusive strategic partnership with Tesco Stores Limited is initially for 10 years, enabling Barclays UK to distribute credit cards, unsecured personal loans and deposits using the Tesco brand.Furthermore, it allows Barclays UK to explore other opportunities to provide financial services to Tesco clients via Tesco's distribution channels and on the open market.\nRationale Behind Barclays’ Buyout & Collaboration\nThe deal is anticipated to result in the recognition of an estimated pre-tax profit of £0.3 billion in the fourth quarter of 2024, generating a 50 basis points (bps) accretion for 2024 group return on tangible equity (RoTE).The consideration has been paid through BCS’ existing cash resources. It is expected to reduce its common equity tier 1 (CET1) ratio by 20 bps, primarily driven by an addition of £7 billion of risk-weighted assets.Barclays UK will integrate the acquired Tesco Bank business over time, and the deal is estimated to be accretive to the company’s RoTE following the integration.Additionally, the strategic collaboration builds on Barclays UK’s existing strategic partnerships with other leading UK retail, consumer electronics, and loyalty program brands.Vim Maru, CEO of Barclays UK, stated, “Today marks a significant step as we continue to grow Barclays UK. We will bring the strength of both businesses together, benefitting customers and colleagues. I am excited that the combination of our brands, alongside the benefits of Clubcard and its loyalty scheme, will support millions of households across the UK with their financial needs.”\nBCS Price Performance & Zacks Rank\nOver the past six months, shares of Barclays have gained 20.6% against the industry’s decline of 9.4%.\nImage Source: Zacks Investment Research\nCurrently, BCS carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nAcquisitions Done by Other Finance Companies\nLast month, Blue Owl Capital Inc. OWL agreed to acquire the business of digital infrastructure fund manager IPI Partners, LLC from an affiliate of ICONIQ Capital and an affiliate of Iron Point Partners for nearly $1 billion.This acquisition is intended to capitalize on the burgeoning market opportunity for financing data centers and the growing investor appetite for cloud and AI-driven investment methods.\nThe deal is expected to be neutral to Blue Owl's earnings in 2025 and somewhat accretive in 2026. OWL will collaborate with an ICONIQ affiliate to ramp up the company's future growth.Similarly, BlackRock, Inc. BLK acquired Global Infrastructure Partners, a private equity company.The acquisition creates an industry leader in infrastructure, spanning equity, debt and solutions and offers a wide variety of infrastructure sector knowledge and exposure in existing and emerging economies. The combined infrastructure platform will be branded as Global Infrastructure Partners, a division of BlackRock.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nBarclays PLC (BCS) : Free Stock Analysis Report\nBlackRock, Inc. (BLK) : Free Stock Analysis Report\nBlue Owl Capital Inc. (OWL) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481536305"}