Tesco Bank
 |
|
| Private | |
| Industry | Finance and insurance |
| Predecessor | Tesco Personal Finance |
| Founded | 1997 |
| Headquarters | Edinburgh, Scotland, UK |
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Key people
|
Benny Higgins, CEO |
| Products |
Finance and insurance Mortgages Credit Cards |
| Revenue |
 £1.075 billion (2013/14) |
|
£194.6 million (2013/14) |
|
| Total assets |
£8.605 billion (2013/14) |
|
Number of employees
|
2,818 |
| Parent | Tesco |
| Subsidiaries | Tesco Compare |
| Website | www |
|
Footnotes / references Tesco purchase of RBS stake completed 2008 Q4 |
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Tesco Bank is a British retail bank which was formed in 1997, and which has been wholly owned by Tesco plc since 2008. The bank was formed as part of a 50:50 joint venture between The Royal Bank of Scotland and Tesco, the UK's largest supermarket. Tesco later acquired Royal Bank of Scotland shareholding, which resulted in the bank becoming a wholly owned subsidiary, and now operates under its own banking licence under the Financial Services Compensation Scheme.
The bank offers a range of insurance, credit cards, loans, savings, mortgages and travel products, and launched a current account in June 2014. A unique selling point of Tesco's banking products is that the bank is able to leverage its large customer base to cross-sell financial services products, as customers can accumulate Tesco Clubcard points when they purchase finance products. Tesco Bank came third in the British Bank Awards, with an average customer satisfaction of 87.8%.
As of February 2014, the bank has around 7 million customer accounts and policies.
Prior to the formation of Tesco Personal Finance plc, Tesco had a banking joint venture with NatWest, which ended in February 1997. TPF was formed in July 1997 following the successful launch of Sainsbury's Bank by its main UK competitor, Sainsbury's. The bank was launched as a joint venture with the Royal Bank of Scotland, which processed all its financial transactions. Subsidiary companies of the Royal Bank, such as Direct Line, UKI and Lombard Direct helped Tesco Personal Finance provide insurance products.
In July 2008, Tesco announced that they were buying out the Royal Bank of Scotland's 50% stake in the company for £950 million, and the transaction was completed later that year.
In October 2009, Tesco Personal Finance was renamed Tesco Bank.
Tesco Bank provides a range of personal accounts, including current accounts, mortgages, credit cards, loans, savings accounts, insurance and foreign currency exchange. Mortgages were added in August 2012, after briefly offering products provided by First Active in 2004.
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Wikipedia