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.