Tesco asks Goldman Sachs to find buyers for banking business
Bloomberg reports Tesco has started the process for the potential sale of Tesco Bank. They've appointed Goldman Sachs as an advisor to seek out buyers. No comment yet from Tesco nor GS.
Tesco Bank sold its mortgage book to Lloyds in 2019 and shut down its current accounts in 2021. Its main offerings now are savings accounts, credit cards, personal loans and insurance products. The Internet Saver has been quite competitive given its instant access, and I see the Foundation credit card as a common option for a credit-builder card. Perhaps they'll be a more attractive proposition than The Co-operative Bank, which has also reportedly been looking for a buyer.
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