UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
February
16, 2024
Barclays PLC
(Name
of Registrant)
1 Churchill Place
London E14 5HP
England
(Address
of Principal Executive Office)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover of Form 20-F or Form 40-F.
Form
20-F x Form 40-F
This
Report on Form 6-K is filed by Barclays PLC.
This
Report comprises:
Information
given to The London Stock Exchange and furnished pursuant
to
General
Instruction B to the General Instructions to Form 6-K.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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BARCLAYS
PLC
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(Registrant)
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Date:
February 16, 2024
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By: /s/
Garth Wright
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Garth
Wright
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Assistant
Secretary
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This announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as it
forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended)
9 February 2024
Barclays PLC
Acquisition of Tesco's retail banking business and long-term
strategic partnership with Tesco
Barclays PLC ("Barclays") announces that Barclays Bank UK PLC
("Barclays UK") has entered into an agreement with Tesco Personal
Finance plc (operating using the trading name "Tesco Bank") to
acquire the retail banking business of Tesco Bank, which includes
credit cards, unsecured personal loans, deposits and the operating
infrastructure. Additionally, Barclays UK will enter into a
long-term, exclusive strategic partnership with Tesco Stores
Limited for an initial period of 10 years to market and distribute
credit cards, unsecured personal loans and deposits using the Tesco
brand, as well as explore other opportunities to offer financial
services to Tesco customers.
Partnering with Tesco PLC ("Tesco"), the UK's largest retailer
which also operates the UK's largest loyalty scheme, represents a
key opportunity to further our UK retail banking strategic
ambitions. Barclays UK will market Tesco-branded credit
cards, unsecured personal loans and deposits to customers through
Tesco's distribution channels as well as on the open market.
The acquired customer base will complement Barclays UK's
current business, as well as build on the existing UK strategic
partnerships with other leading retail, consumer electronics and
loyalty programme brands.
The transaction involves the acquisition of approximately £8.3
billion of unsecured lending balances with a credit quality
consistent with our existing UK portfolios. The transaction
as a whole is expected to offer attractive financial returns over
the term of the agreements and will increase the weighting of our
unsecured lending business within Barclays UK.
The business being acquired includes approximately 2,800 employees,
encompasses technology and operational infrastructure and made an
adjusted operating profit of approximately £85 million in the
12 months ended February 20231.
Barclays UK's intention is to integrate the business into its
operational infrastructure over time.
If completion of the transaction were to occur at the end of July
2024, Barclays UK expects to acquire approximately £4.2
billion of gross credit card receivables and £4.1 billion of
gross unsecured personal loans, together with approximately
£6.7 billion in customer deposits. Tangible net assets
acquired at completion of the transaction are expected to be
approximately £960 million, including an expected credit loss
allowance of approximately £(490) million. The
consideration payable by Barclays UK at completion is expected to
be approximately £600 million.2
The business will be acquired through a banking business transfer
under Part VII of the Financial Services and Markets Act 2000.
Completion of the acquisition and entry into the strategic
partnership is conditional on court sanction and regulatory
approvals or non-objection, and is expected to occur in H2
2024.
Barclays expects that the transaction announced today will not
materially impact the planned financial returns or distributions of
Barclays and a further update will be given as part of the
previously announced investor update on 20 February
2024.
The acquisition, which is being financed from Barclays' existing
resources, is expected to reduce Barclays' CET1 ratio by
approximately 0.3% upon completion (based on Barclays' CET1 ratio
as at 30 September 20233).
As previously disclosed, Barclays is currently engaged in a process
to sell its German consumer finance business (comprising credit
cards, unsecured personal loans and deposits) as part of our
ambition to simplify Barclays and support our focus on growing our
key businesses. Any sale, if agreed, would be expected to be
accretive to Barclays' CET1 ratio.
C.S. Venkatakrishnan, Group Chief Executive of Barclays,
commented:
"Barclays is a leading consumer bank in the UK. This
strategic relationship with the UK's largest retailer will help
create new distribution channels for our unsecured lending and
deposit businesses. We are able to bring our expertise in
partnership cards developed over decades in the US to enhance
further the highly successful Tesco Clubcard loyalty
scheme.
Similar to our acquisition of Kensington Mortgages last year, this
partnership with Tesco is a further demonstration of the investment
we continue to make in our UK consumer business. We are
looking forward to working closely with the team at Tesco over the
coming months to enable a smooth transition and, subject to
completion of the transaction, we look forward to welcoming Tesco
Bank colleagues and customers to Barclays."
Ken Murphy, Group Chief Executive of Tesco, commented:
"Tesco Bank is a strong business that has helped millions of loyal
customers to manage their money for more than 25 years. As we
look to the future, our aim is to be the best provider of financial
services in the UK, with this strategic transaction and partnership
with Barclays unlocking greater value for customers and for our
business. By working with one of the UK's leading banks, we
can bring customers new and innovative propositions, which will
continue to benefit from Tesco Clubcard's unique insight and
digital capabilities. I'm hugely grateful to Tesco Bank
colleagues for their dedication and excellent service to our
customers, and I'm confident that this new partnership approach
will build on that success."
Notes:
1.
Adjusted operating profit is based on
management accounts and reflects an estimated allocation of income
and expenses between the acquired business and activities retained
by Tesco Bank. It includes the estimated impact of
transitional service arrangements but excludes the full impact of
payments to be made under the strategic partnership
agreement.
2.
The exact consideration payable will depend on
movements in the tangible net assets and expected credit loss
allowance up to completion of the transaction.
3.
Barclays' CET1 ratio was 14.0% as at 30
September 2023.
4.
Under the terms of the strategic partnership
with Tesco for Barclays UK to market and distribute credit cards,
unsecured personal loans and deposits using the Tesco brand,
Barclays UK expects to pay Tesco royalty, new account and Clubcard
participation fees of approximately £50 million per annum in
total.
- Ends -
For further information, please contact:
Investor Relations Media
Relations
Marina Shchukina
Jon Tracey
+ 44 (0) 207 116 2526
+44
(0) 7552214868
About Barclays
Barclays is a British universal bank. We are diversified by
business, by different types of customer and client, and geography.
Our businesses include consumer banking and payments operations
around the world, as well as a top-tier, full service, global
corporate and investment bank, all of which are supported by our
service company which provides technology, operations and
functional services across the Group. For further information about
Barclays, please visit our website home.barclays.
Forward-looking statements
This announcement contains forward-looking statements within the
meaning of Section 21E of the US Securities Exchange Act of 1934,
as amended, and Section 27A of the US Securities Act of 1933, as
amended, with respect to the Barclays Group. Barclays cautions
readers that no forward-looking statement is a guarantee of future
performance and that actual results or other financial condition or
performance measures could differ materially from those contained
in the forward-looking statements. These forward-looking statements
can be identified by the fact that they do not relate only to
historical or current facts. Forward-looking statements sometimes
use words such as 'may', 'will', 'seek', 'continue', 'aim',
'anticipate', 'target', 'projected', 'expect', 'estimate',
'intend', 'plan', 'goal', 'believe', 'achieve' or other words of
similar meaning. These statements are based on the current beliefs
and expectations of Barclays' management and are subject to
significant risks and uncertainties. Actual outcomes may differ
materially from those expressed in the forward-looking statements.
Factors that could impact the Barclays Group's future financial
condition and performance are identified in the Barclays PLC's
filings with the US Securities Exchange Commission (the "SEC")
(including, without limitation, Barclays PLC's Annual Report on
Form 20-F for the fiscal year ended 31 December 2022, as amended),
which are available on the SEC's website at www.sec.gov. Subject to
Barclays' obligations under the applicable laws and regulations of
any relevant jurisdiction (including, without limitation, the UK
and the US), in relation to disclosure and ongoing information,
Barclays undertakes no obligation to update publicly or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Barclays (PK) (USOTC:BCLYF)
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Barclays (PK) (USOTC:BCLYF)
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