Barclays heads queue of Tesco Bank bidders

Barclays has been exploring a potential acquisition of Tesco’s banking operations after the retailer asked prospective bidders to submit non-binding offers. The FTSE 100 banking group is said to have made an indicative bid and to be particularly interested in Tesco Bank’s credit card and saving account products. Other bidders are expected to table offers and there is no certainty a transaction will materialise. Tesco’s banking operations could be attractive to other lenders because of the opportunity to cross-sell banking products to the grocer’s customer base. Barclays, Tesco and Tesco Bank declined to comment. Tesco Bank, which had a book value of nearly £1.5 billion at the end of August, was launched in 1997 as a joint venture between the supermarket group and Royal Bank