Tesco launched its new banking service yesterday though the new bank will not offer mortgages or current accounts until 2011. Tesco have dropped the Tesco Personal Finance brand under which they used to offer financial products, and will not operate as Tesco Bank . The supermarket giant said it wanted a simpler name, and hopes to become a major player in the financial sector.
Tesco Bank will offer credit cards, insurance and loans, and plans to recruit 6,000 temporary staff over the Christmas period to cope with demand. 300,000 bank customers signed up to Tesco in the first half of 2009, taking their total number of customers past the 6 million mark. This success was reflected in Tesco Bank's first half profits, which hit £115 million from a turnover of £420 million. The profits contributed to a 1.5 per cent increase in profits for the wider company, which saw profits rise to £1.4 billion for the first half of 2009.
Tesco has operated financial services since 1997 when it set up Tesco Personal Finance with the Royal Bank of Scotland . However, the supermarket decided to buy out the business following the credit crunch.
Tesco Bank Launches
Financial Services > e-banking > Banking news
Tesco Bank Launches
Wed, 07 Oct 2009
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