Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 652

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 652
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 Tesco Bank brand . The acquisition of Tesco Bank by Barclays Bank UK PLC did not involve the acquisition of any equity interests. In addition to the business acquisition, Barclays Bank UK has entered into a long-term, exclusive strategic partnership with Tesco Stores Limited for an initial period o f 10 years to market and distribute credit cards, unsecured personal loans and deposits using the Tesco PLC ("Tesco") brand, as well as explore other opportunities to offer financial services to Tesco customers. Partnering with Tesco, the UK's largest retailer which also operates the UK's largest loyalty scheme, represents a key opportunity to further our UK retail banking strategic ambitions. The acquired customer base complements Barclays Bank UK's current business, as well as buildings on its existing UK strategic partnerships with other leading retail, consumer electronics and loyalty programme brands. As costs are incurred under this partnership agreement, these are accounted for in line with Barclays relevant accounting policy for such costs. The acquisition consisted of £ 4,051 m of gross credit card receivables, £ 4,034 m of gross unsecured personal loans, £ 6,923 m of customer deposits and certain other assets and liabilities for total consideration of £ 617 m in cash. Net assets acquired at completion of the transaction were £ 1,173 m and a gain on acquisition of £ 556 m (£ 2 m in additional costs recognised in Barclays PLC compared with Barclays Bank UK PLC) has been recognised in the income statement. After acquisition, an expected credit loss allowance of £ 209 m has been recognised on credit cards and loan receivables along with the associated impairment expense. Barclays Bank UK PLC will, in the 12 months following the acquisition, continue to assess the fair values of the acquired balances for any impact of new information regarding conditions that existed as at the acquisition date that would result in a measurement period adjustment.

| Strategy                                      | Shareholderinformation | Climate andsustainability report | Governance | Riskreview | Financialreview |     | Financialstatements |     | Barclays PLC 2024Annual Reporton Form 20-F | 444 |
| Notes to the financial statements (continued) |                        |                                  |            |            |                 |     |                     |     |                                            |     |
| Other disclosure matters                      |                        |                                  |            |            |                 |     |                     |     |                                            |     |

|                                                    | Acquisition ofTesco Bank RetailBank Assets andLiabilities1 |
|                                                    |                                             Barclays Group |
| As at acquisition date                             |