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PRESS: Tesco begins process for possible sale of bank arm - Bloomberg

18th Oct 2023 09:57

(Alliance News) - Tesco PLC has kickstarted a potential sale of its banking division, Bloomberg reported on Tuesday.

The grocer has turned to Goldman Sachs Group Inc to serve as its adviser, and has started to hunt for potential buyers of the bank arm, Bloomberg reported.

Citing people familiar with the matter, Bloomberg reported the process is still in its early stages.

Tesco Bank has more than five million customers and offers a range of banking and insurance services.

Tesco shares were 0.4% lower at 275.00 pence each in London on Wednesday morning.

By Eric Cunha, Alliance News news editor

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