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Tesco to review presence in UK banking sector, report states

Tesco Plc, the largest retailer in the UK, intends to review its positions in the UK banking sector, which could lead to a sale of its banking unit, according to a Sky News report, citing sources.

Yet, the review was at a very preliminary stage and could not result in a formal sale process, the media reported.

According to the Sky News report, a partial sale or a joint venture could also be an option for Tesco.

“There is no suggestion that the review of the business could result in any form of wind-down or job losses,” Sky News reported.

Established in 1997, Tesco Bank serves over 5 million customers across its banking and insurance business.

As of 12:10 GMT on Monday the shares of Tesco Plc (TSCO) were inching up 0.08% (0.20 pence), while extending the gains from the previous four sessions, to trade at 251.15 pence in London.

The British retailer’s total market cap now stands at GBP 18.37 billion. is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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