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Tesco Bank to gain market share

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by David Masters
Tesco Bank to gain market share

Supermarket finance is set to make significant gains in market share over the coming months, lovemoney.com said this week.

The financial advice site made the claim after Tesco Personal Finance re-branded as Tesco Bank.

Ed Bowsher, lovemoney.com’s head of personal finance, said the renaming signals the beginning of a marketing offensive by Tesco on financial products.

“I think Tesco is going to become a bigger and bigger player in the UK personal finance market,” he said.

“It’s very clear that Tesco wants to grow and I’m sure it will.”

Bowsher also welcomed the introduction of the Tesco Clubcard credit card.

“With all your purchases on that card, even if they are not at Tesco, you’ll be earning Clubcard points,” he said.

“Even without the Clubcard angle, you can get zero per cent.”

In related news, research by Sainsbury’s Finance found 70% of Brits would consider taking out a financial product with a supermarket if they felt they were being suitably rewarded.

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News posted: October 17, 2009

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