Who owns Tesco Bank?

Editorial team Published on

Tesco Bank's retail banking operations are owned and managed by Barclays Bank UK PLC.

📊 Ownership and Operations Overview

  • Retail Banking: Owned by Barclays since the November 1, 2024 sale completion.
  • Products Included: Credit cards, personal loans, savings, and Clubcard Pay+.
  • Retained Services: Insurance, travel money, gift cards, and ATMs stay with Tesco Personal Finance.
  • Branding: Barclays continues using the Tesco Bank brand via a 10-year partnership.

Who is the Bank behind Tesco Bank?

Barclays Bank UK PLC is the bank behind Tesco Bank.

Key Details

  • The Acquisition: Barclays completed the takeover of Tesco Bank's core retail banking operations on November 1, 2024.
  • Products Managed: Barclays manages credit cards, personal loans, savings accounts, and Clubcard Pay+.
  • The Brand: Products continue to use the familiar Tesco Bank brand under an initial 10-year strategic partnership.
  • Excluded Services: Tesco retained ownership of other services like insurance, travel money, gift cards, and instore ATMs.

Is Tesco Bank still owned by Tesco?

No, Tesco Bank's core retail banking business is no longer owned by Tesco; it was sold to Barclays on November 1, 2024.

Ownership Breakdown

  • Barclays UK now owns and manages the operations for credit cards, personal loans, savings accounts, and Clubcard Pay+.
  • Tesco keeps the Tesco Bank brand name for these banking products through a 10-year strategic partnership agreement with Barclays.
  • Tesco still owns and operates insurance products, travel money, gift cards, and ATMs directly through Tesco Personal Finance PLC.

Is Tesco Bank safe for savings?

Yes, Tesco Bank is safe for savings because your money is protected up to £120,000 by the UK's Financial Services Compensation Scheme (FSCS).

Regulation and Protection

  • Regulatory bodies: Tesco Bank is authorised by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
  • FSCS protection: Eligible deposits are covered up to £120,000 per person under the Financial Services Compensation Scheme.
  • Barclays ownership: Tesco Bank operates under a Barclays banking licence following its acquisition by Barclays. Because of this shared licence, the £120,000 FSCS protection limit is combined across any accounts you hold with both Tesco Bank and Barclays brands (including Barclays Business Banking and Premier Banking).

Security Features

  • Online safety: Employs Strong Customer Authentication (SCA), push notifications for app authorisation, and one-time passcodes.
  • Fraud prevention: Uses transaction monitoring, automated blocks for suspicious activity, and security technology across its mobile app and online banking platform.

How rich is the CEO of Tesco?

Tesco CEO Ken Murphy receives an annual pay package of around £10.8 million, though his total net worth is not publicly detailed.

Annual Compensation

  • Total Pay: Received £10.8 million for his recent financial year, up from £9.9 million previously.
  • Base Salary: Roughly £1.5 million to £1.54 million per year.
  • Bonuses & Shares: Includes an annual cash bonus of about £3.4 million and millions more tied to performance share plans and equity awards.
  • Earnings Context: His compensation has totaled over £41 million since taking the top job at Tesco in October 2020, making him one of the highest-paid executives in the UK supermarket industry.

Tesco Bank + UserTesting

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Is Tesco Bank having problems?

Tesco Bank is up and running with no major reported outages or widespread problems, according to current Downdetector status data.

Current Status

  • Website and App: Operating normally with standard response times.
  • User Reports: Volume levels for complaints or error flags remain low and within normal baselines.

Troubleshooting Local Issues

If you are experiencing personal connection problems while the network is up, try these basic steps:

  • Refresh your browser completely using CTRL + F5.
  • Clear your browser's cached data and cookies.
  • Check for any pending updates to the Tesco Bank Mobile App on your device.

What is the UK's safest Bank?

The safest place to hold money in the UK is NS&I (National Savings and Investments), because it is backed directly by the government.

Government-Backed Security

  • NS&I: Every single penny of your savings is 100% secured by HM Treasury, making it the only option with absolute state backing.

Standard UK Bank Protection

For standard retail and challenger banks, safety is defined by government-regulated deposit insurance rather than the individual institution going under:

  • The FSCS Limit: The Financial Services Compensation Scheme protects up to £120,000 per person, per authorised bank, building society, or credit union if the institution fails.
  • Licensed Institutions: Any bank or building society fully authorized by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) offers this secure baseline protection for your deposits.
  • Shared Licences: Many popular banking brands share a single banking licence (for example, NatWest and RBS). The £120,000 limit applies to the total amount held across all brands under that same single licence.

Is Tesco still British owned?

Yes, Tesco is still a British-owned company and remains a publicly traded corporation headquartered in Welwyn Garden City, England.

Ownership Structure

  • Publicly Listed: Tesco PLC is listed on the London Stock Exchange under the ticker TSCO and is part of the FTSE 100 index.
  • Shareholders: As a publicly owned company, it has no single owner. Its shares are held by various institutional and individual investors from the UK and globally—including major fund managers like London-based Silchester International Investors and Schroders, alongside international firms like The Vanguard Group.
  • Market Position: It remains the largest grocery market leader in the UK, holding roughly 28.4% of the market share.

Most users on Quora agree that while global institutional investors hold significant blocks of shares, Tesco operates firmly as a British PLC headquartered in the UK.

Has Barclays bought Tesco Bank?

Yes, Barclays completed the acquisition of Tesco Bank's retail banking business on November 1, 2024, for £600 million.

What the Deal Includes

  • Products: Barclays now runs Tesco Bank’s credit cards, unsecured personal loans, savings accounts, and Clubcard Pay+.
  • Branding: Products will keep using the Tesco Bank name under a 10-year strategic partnership.
  • Staff: Around 2,800 Tesco Bank employees transferred to Barclays.

What Tesco Kept

  • Tesco retained ownership of ATMs, travel money, gift cards, and insurance services.
  • These services continue to operate under the Tesco brand via Tesco Personal Finance.

How much debt is Tesco in?

Tesco has a total debt of approximately £15.08 billion as of its latest reported financial period ending in February 2026.

Key Debt Details

  • Total Debt: £15.08 billion (sum of current and non-current obligations).
  • Loans / Long-Term Borrowings: Around £5.37 billion in direct loans, with overall long-term debt scaling near £7.2 billion.
  • Credit Standing: Tesco maintains stable investment-grade credit ratings from major agencies including Moody's (Baa2), Fitch (BBB), and S&P (BBB).
  • Financial Context: The company generated robust group sales of £66.59 billion and an adjusted operating profit of £3.15 billion for the 2026 fiscal year, supporting a manageable debt-to-equity ratio of about 1.10.

You can view official corporate financial statements and updates directly through the Tesco PLC Investor Relations platform.