Britain’s Tesco intends to return $902.5 million via additional share buyback

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(Reuters) – Tesco, Britain’s biggest supermarket group, said on Friday that it intended to return 700 million pounds ($902.51 million) to shareholders through an incremental share buyback, as it had completed its banking operations sale to Barclays.

The new programme is expected to start after the completion of the current 1 billion pound share buyback, Tesco said.

It has completed the sale of most of its banking operations in credit cards, loans and savings to Barclays for about 600 million pounds, the group said on Friday.

($1 = 0.7756 pounds)