Barclays has successfully completed the acquisition of Tesco Bank, a move which will impact millions of people when it comes to savings, credit cards and loans. The deal encompasses Tesco’s unsecured credit card portfolio and personal loans, valued at around £8.3 billion, as well as around £6.7 billion of customer deposits.

The takeover, announced earlier this year, was finalized on November 1 after getting the green light from regulators and the High Court. Tesco Bank customers can rest assured that they can continue to use their services as usual.

Despite the change in management, the Tesco brand will also continue to feature on banking products such as credit cards, loans and savings accounts, which are now managed by Barclays following the completion of the deal. Barclays is set to issue new credit cards, loans and savings accounts, all carrying the familiar Tesco brand. Tesco Bank closed all its current accounts in 2021.

However, Martin Lewis MoneySavingExpert.com (MSE) advised customers to review their savings rates to see if better options are available elsewhere. MSE said: “Barclays generally offers lower prices interest rate on your savings compared to Tesco Bank. Tesco Bank says there will be no changes to its products following the move, but keep an eye on your rate and switch if you can get more elsewhere. »

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The partnership does not include Tesco ATMs, gift cards, insurance and travel money services. However, it includes Clubcard Pay+, a prepaid debit card, according to the mirror.

Tesco plans to return £700 million to shareholders from the proceeds of the transaction. Tesco CEO Ken Murphy said the deal will “unlock even greater value” for Tesco Bank customers, while giving them access to “new and innovative propositions, whilst continuing to benefit from the unique benefits of the Tesco Clubcard”.

Ken Murphy, Tesco Group CEO, said: “We are delighted to be working alongside Barclays to deliver even greater value to Tesco Bank customers. Through our strategic partnership, customers will have access to new and innovative propositions, while continuing to enjoy the unique benefits of Tesco Clubcard. This is an important moment for all our colleagues at Tesco Bank and I would like to sincerely thank them for all their hard work.

Vim Maru, chief executive of Barclays UK, said: “Today marks an important milestone in the continued growth of Barclays UK. We will bring together the strength of our two companies, for the benefit of our customers and colleagues. I am delighted that the combination of our brands, alongside the benefits of Clubcard and its loyalty programme, will support millions of households across the UK with their financial needs. »