Tesco “admits defeat” as it sells bank arm to Barclays for £700m

Ken Murphy, group chief executive of Tesco, said: “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.”