UK supermarket giant Tesco has shelved Deutsche Bank as one of its joint corporate brokers, with the FTSE 100 company bringing in Citigroup to work alongside existing broker Barclays.

Tesco, which has a market capitalisation of over £15 billion, announced the switch in a regulatory filing on Thursday, and said that the changes would take place with immediate effect. The move sees Deutsche bank step back from Tesco after over 10 years advising the chain.