Tesco Personal Finance Group is a British retail bank which was formed in July 1997. The bank was formed as part of a 50:50 joint venture between The Royal Bank of Scotland and Tesco, employing 2,800 people. Tesco Group plc decided to exit the banking business and focus on provision of other Financial Services for its retail customers with less restrictive capital requirements.
Objective
Prepare the Tesco Bank Finance function for separation of the Banking business from Insurance & Money Services in readiness for the Part VII Transfer of the banking business to Barclays UK.
Resources
7 months, £25m
Reporting to the CFO, I led the Finance Workstream of the Tesco Bank Separation Programme, contributing to the successful £600m Part VII transfer of the banking business to Barclays Bank. Working closely with operational management across all areas of Finance and Treasury in Tesco Bank and Barclays Bank UK, this included:
• Separation of the general ledger and all finance systems to enable uninterrupted operations at ‘Day 1’ for both the ‘RemainCo’ (Tesco Insurance & Money Services) and ‘SaleCo’ (Tesco Bank) organisations.
• Supporting both business units with defining and preparing for significant changes to regulatory reporting requirements effective from Day 1.
• Ensuring business readiness of both organisations for ‘Day 1’. This included shaping of Day 1 Operating Models, identification and resolution of any capacity and capability issues and providing senior management and the Board with readiness to proceed with the transaction.
• Collaboration with legal teams and operational leaders in Tesco Group and Barclays Bank to define and operationalise Transition Services Agreements.
Result
Seamless transition of the banking business to Barclays UK at 1st November 2024 without interruption to customer experience or the business processes of Tesco Insurance & Money Services or Tesco Bank.
Further information about Tesco Bank can be found on their website.
Programme Leadership
I helped Tesco Bank to achieve the Part VII transfer of the banking business to Barclays Bank UK in November 2024 – the first major banking transaction in the UK following the introduction of Consumer Duty legislation. I can support your organisation with its Part VII activities too.