Feb 18 (Reuters) – Britain’s largest retailer Tesco Plc (TSCO.L) is planning to assessment its presence within the UK banking sector in a transfer that might result in a sale of its banking arm, Sky Information reported on Saturday.
The grocery store chain operator is lining up Goldman Sachs to advise on the way forward for Tesco Financial institution, the report stated.
The assessment was at a really preliminary stage and should not result in a proper sale course of, the report quoted sources as saying.
A partial sale or three way partnership may be an choice for the retailer, the report added, quoting one supply.
Goldman Sachs didn’t reply to a Reuters request for remark exterior workplace hours. Tesco declined to remark.
“There isn’t a suggestion that the assessment of the enterprise may end in any type of wind-down or job losses,” Sky Information report stated.
Tesco Financial institution, which was based in 1997, has greater than 5 million prospects throughout its banking and insurance coverage enterprise, based on the information obtainable on its web site.
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The financial institution had divested its British residential mortgage portfolio in 2019 to Lloyds Banking Group in a $4.5 billion deal.
Reporting by Anirudh Saligrama in Bengaluru. Enhancing by Jane Merriman and Angus MacSwan
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