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Tesco's banking operations could be attractive to other lenders because of the opportunity to cross-sell banking products to the grocer's customer base, the first two people said.

"The cross-sell opportunities are significant."

In 2021, Mr. Browning decided to scale up, following a hot new trend in private equity: building “platforms” to consolidate several brands in a similar industry that could then cross-sell a range of services to their customers, as well as sell more franchises to their existing franchisees.

The biggest challenge is that Credit Suisse has historically been one bank and its ability to cross-sell products has been one of its key strengths, a Credit Suisse banker in Asia said, speaking on condition of anonymity.

A secondary benefit would be allowing the company to collect more information on customers’ tastes and habits, improving its ability to cross-sell across its various businesses — from streaming services to theme parks to merchandise.