Tesco To Open Bank Branches In 30 UK stores

Mon, 30 Mar 2009
 
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Tesco has announced it will open bank branches in some of its UK stores by the end of the year as part of ambitious plans to become a major player in the financial services sector.

The branches, likely to be branded Tesco Bank, will offer the company’s existing range of financial services, which include credit cards, savings and insurance products, and there will also be terminals with access to its comparison website TescoCompare .com.

Tesco Bank customers will also be able to accrue loyalty points under its Clubcard programme.

The first of the new Tesco Bank branches will open next month in Brislington, Blackpool and Coventry, following a three-year trial in Glasgow .

Britain’s largest supermarket group also revealed it was working on plans to launch a current account towards the end of 2010, once new IT platforms are up and running.

The move into mainstream banking comes as the retailer seeks to take advantage of a loss of public confidence and trust in existing high-street banks, which has plunged as a result of the credit crunch .

Tesco aims to more than double its annual profits at its Retailing Services division from around £400 million to £1 billion in a few years.

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