Tesco asks Goldman Sachs to find buyers for banking business

13

Comments

  • FredTrump
    FredTrump Posts: 383 Forumite
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    Yeah.......after some thought I reckon a Tesco CC is probably only worth, to me, about £10 a year in extra Clubcard vouchers. So, I won't bother and it doesn't look like I've missed out on anything worthwhile.
    It's value has been impacted by two unrelated events.
    1. Due to the EU/EEA interchange fee cap on credit cards (0.3%), Tesco (bank) had to reduce the number of points on spending and likely barely break even on current issuing of Clubcard points.
    2. Tesco (stores) have unintentionally made the credit card less attractive by making the whole Clubcard scheme less attractive. 
  • ircE
    ircE Posts: 173 Forumite
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    Perhaps a foreign sovereign wealth fund will express interest. They would certainly benefit from the existing brand recognition and reputation if they kept the branding. And it seems to be the way things go in UK plc these days...
  • boingy
    boingy Posts: 1,330 Forumite
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    ircE said:
    Perhaps a foreign sovereign wealth fund will express interest. They would certainly benefit from the existing brand recognition and reputation if they kept the branding. And it seems to be the way things go in UK plc these days...
    Bankwashing?
  • WillPS
    WillPS Posts: 3,431 Forumite
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    I think Tesco would have reservations about lending their name to a state renowned for a poor human rights record.
  • Volcane
    Volcane Posts: 307 Forumite
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    On the plus side my Tesco Clubcard is my highest credit limit on a single card and I receive constant 0% BT and MT offers.


    Best Regards,

    V
  • wmb194
    wmb194 Posts: 3,312 Forumite
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    edited 23 October 2023 at 9:23AM
    IIRC SWFs don't tend to buy entire businesses and some of them are probably feeling sore after losing lots of money in Credit Suisse. The big Canadian pension funds sometimes do but I don't remember them buying a bank.

    I have a good idea: Fineco should buy it.
  • gsmh
    gsmh Posts: 553 Forumite
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    edited 23 October 2023 at 9:41AM
    WillPS said:
    I think Tesco would have reservations about lending their name to a state renowned for a poor human rights record.
    I've gone back through the comments in this thread and cannot see anything about a state renowned for a poor human rights record. I'm clearly missing something.
  • wmb194
    wmb194 Posts: 3,312 Forumite
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    gsmh said:
    WillPS said:
    I think Tesco would have reservations about lending their name to a state renowned for a poor human rights record.
    I've gone back through the comments in this thread and cannot see anything about a state renowned for a poor human rights record. I'm clearly missing something.
    When people think of SWFs they tend to think of ones from the Middle East and they have been known to invest in banks.
  • WillPS
    WillPS Posts: 3,431 Forumite
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    gsmh said:
    WillPS said:
    I think Tesco would have reservations about lending their name to a state renowned for a poor human rights record.
    I've gone back through the comments in this thread and cannot see anything about a state renowned for a poor human rights record. I'm clearly missing something.

    Apologies, I should have quoted - it was relating to the suggestion that a Sovereign Wealth Fund would be a potential suitor, with Tesco brand attached.
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