Barclays buys bank unit of supermarket Tesco

LONDON: British bank Barclays on Friday said it had agreed to buy the retail banking operations of Tesco, as the supermarket giant concentrates on its core food business.

Barclays will pay up to 700 million pounds ($884 million) for Tesco Bank ― handing it a portfolio of credit cards, other loans and deposits, according to statements from the two companies.