Tesco has announced plans to launch a range of mortgages before the end of the 2010/11 financial year as it readies itself to become a fully fledged retail bank . The plans were unveiled along with the retailers preliminary results for 2009, which also revealed the prospective bank would launch a series of savings accounts before offering current accounts in the latter half of 2011. The giant supermarket is also set to extend its trial of in-store branch access to financial advisers.
Tesco rebranded its Tesco Personal Finance division as Tesco Bank last October. As it prepares to offer consumers a range of loans and other credit lending services, new offices are currently being built in Glasgow and Newcastle to help manage the new business from its banking and insurance service.
Tesco Bank saw its pre-tax profits fall by 50 per cent to £114 million in 2009, while revenue fell by 9.4 per cent to £860 million. The dip can be attributed to an increase in bad debts to £177 million. Analysts have said it will be some time before Tesco can rival larger banks, as it looks to expand its business organically.
Tesco Bank Profits Dip
Financial Services > e-banking > Banking news
Tesco Bank Profits Dip
Fri, 23 Apr 2010
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