Tesco to sell banking operations to Barclays for up to 700 mln pounds
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Tesco, Britain's largest retailer, has announced that it will sell most of its banking operations to Barclays for up to £700 million. The deal will result in the removal of £7.7 billion of assets and £6.7 billion of liabilities from Tesco's balance sheet. The majority of the proceeds will be returned to shareholders through a share buyback. Tesco will retain its other banking activities, including insurance and ATMs, and a strategic partnership with Barclays will be formed.
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