Tesco to acquire RBS joint venture stake for $1.9 billion

[MoneyGuy]

LONDON (MarketWatch) -- U.K. supermarket chain Tesco said Monday it's agreed to buy Royal Bank of Scotland's 50% stake in Tesco Personal Finance for 950 million pounds ($1.9 billion) in cash. Tesco said the deal will enable it to expand its financial services business to that of a full-service retail bank. Tesco also said Andrew Higginson, its finance and strategy director will assume a new position of chief executive of retailing services and will relinquish his role as finance director when a suitable successor is found. In a separate statement RBS said it expects to book a profit on the disposal of around 500 million pounds once it is completed.

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