Tesco Bank to acquire a 50.1% stake in Tesco Underwriting from Ageas for £104m.

Tesco Bank, a retail banking firm, agreed to acquire a 50.1% stake in Tesco Underwriting, an insurance brokerage firm, from Ageas, an insurance brokerage firm, for £104m. “I would like to take this opportunity to thank the management team and the staff of Tesco Underwriting and Tesco Bank for their loyalty, hard work and valuable contribution to the success of the joint venture over the past decade. We wish our former partner and colleagues every success with the continuation of the activity," Bart De Smet, Ageas CEO.