who owns tesco bank

Tesco Bank’s core banking operations are now owned and run by Barclays Bank UK PLC under a long‑term partnership using the Tesco Bank brand. Tesco PLC still retains and operates certain financial services under its own group, such as insurance, ATMs, travel money and gift cards.

Who owns Tesco Bank now?

• As of 1 November 2024, Tesco Bank’s banking business (credit cards, personal loans, savings and related accounts) legally transferred to Barclays Bank UK PLC , which now manages these products.

• The Tesco Bank brand continues via a strategic partnership, so customers still see “Tesco Bank”, but the underlying bank for those products is Barclays.

What Tesco still owns

• Tesco PLC has kept non‑banking services linked to the Tesco financial ecosystem, including insurance, ATMs, travel money and gift card operations.

• These retained activities sit within the wider Tesco group rather than under Barclays, even though they are often still marketed with Tesco Bank or Tesco branding.

How this changed over time

• Tesco Bank was originally a 50:50 joint venture between Tesco and Royal Bank of Scotland before Tesco bought out RBS’s stake in 2008, making it a wholly owned Tesco subsidiary.

• In 2024, Tesco agreed to sell its retail banking book to Barclays in a deal worth around £600–700 million, shifting ownership of most banking products while keeping some ancillary financial services in‑house.

Information gathered from public forums or data available on the internet and portrayed here.