The Minister for Enterprise, Tim Johnston MHK told members of the House of Keys that Tesco will no longer supply any credit card services anywhere.
This is as a result of the supermarket giant selling its financial services business to Barclays later this year, subject to approval by a UK regulator.
The Enterprise Minister was responding to Jason Moorhouse MHK question: “When contact was last received from Tesco with regard to the possibility of making credit cards and other financial products available to Island residents.”
Tesco credit cards
According to the Minister, his Department has been in regular contact with Tesco senior executives following their acquisition of Shoprite.
He added: “That contact has continued across a wide range of topics focusing on jobs, on local producers and the investment in and relaunch of the stores. It has also included credit cards.
“However, some honourable members may well be aware that the sale of the financial services business – including credit card, loan and savings business operated by Tesco Bank is currently awaiting approval by the Financial Conduct Authority in the United Kingdom.”
If approved, the sale is likely to go ahead in the second quarter of 2024 and as result Tesco will no longer supply any credit card services in any jurisdiction.
The Minister said that the intended purchaser is Barclays Bank and that his Department will continue to engage with both Tesco and Barclays in regards to the potential re-introduction to the Island of credit card offerings to new applicants.
The Department also continues to discuss with other potential interested parties including Banks this topic and remains in dialogue with counterparts in Jersey and Guernsey who face similar challenges.
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