17 August 2017
visit www.avoka.com

Supermarket rebrands personal finance unit Tesco Bank; chooses tech platforms

07 October 2009  |  14810 views  |  0 shark

Tesco has changed the name of its personal finance unit to Tesco Bank, reflecting the UK supermarket's determination to take on established high street players. It has also selected the core technology platforms for the division.

Last December the retail giant bought out the Royal Bank of Scotland to take complete control of Tesco Personal Finance. It has now renamed the unit Tesco Bank "in recognition of our longer-term objective of creating a full-service retail bank".

This strategy will include the introduction of a current account in the near future. The firm also plans to start offering mortgages.

The supermarket will continue to serve customers online and through the creation of in-store branches - 30 of which are planned by the end of the year.

Tesco says it has already selected the core technology platforms for the banking products, although no details have been provided.

Meanwhile, for its insurance offering it has signed an agreement with Fortis to help it build the operational platform and technical expertise.

Over the last year Tesco has cashed in on public disillusionment with traditional banks, adding 300,000 customer accounts, with double-digit growth in savings, loans and credit cards.

It now has more than six million customers across all financial products and is the seventh largest credit card issuer in the UK.

The unit recorded revenue of £420 million for the first half with a trading profit of £115 million.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Tesco Personal Finance to create 800 jobs at new Glasgow call centre

Tesco Personal Finance to create 800 jobs at new Glasgow call centre

20 August 2009  |  9974 views  |  0 comments
Tesco ATM dishes out 'free' cash

Tesco ATM dishes out 'free' cash

18 August 2009  |  10182 views  |  1 comments
Tesco may bid for Northern Rock - The Times

Tesco may bid for Northern Rock - The Times

01 July 2009  |  6563 views  |  0 comments
Tesco and Fortis in insurance talks

Tesco and Fortis in insurance talks

26 June 2009  |  6452 views  |  0 comments
Tesco to open 30 'bank branches' this year

Tesco to open 30 'bank branches' this year

30 March 2009  |  12481 views  |  0 comments
Tesco Personal Finance creates 200 jobs at new Edinburgh HQ

Tesco Personal Finance creates 200 jobs at new Edinburgh HQ

06 March 2009  |  11395 views  |  0 comments
Tesco wins approval for RBS buy-out; poaches Rowe to head marketing

Tesco wins approval for RBS buy-out; poaches Rowe to head marketing

19 December 2008  |  13950 views  |  0 comments
Tesco eyes UK mortgage market

Tesco eyes UK mortgage market

01 October 2008  |  9869 views  |  0 comments
Tesco to take on UK's retail banks

Tesco to take on UK's retail banks

28 July 2008  |  15495 views  |  0 comments
RBS looking to sell off Tesco JV stake - report

RBS looking to sell off Tesco JV stake - report

29 April 2008  |  8235 views  |  0 comments
Tesco expands in banking

Tesco expands in banking

04 November 2004  |  7354 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.dorsum.euvisit www.abe-eba.eu

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10386 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9781 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9682 views comments | 8 tweets | 15 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8077 views comments | 1 tweets | 2 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job