Tesco to open finance centre in Glasgow

”Tesco

Supermarket giant Tesco has announced it is opening a finance centre in Glasgow with the creation of 800 jobs.

The move is part of Tesco Personal Finance’s expansion programme, which will see it compete with High Street banks.

Tesco, which has a 30% share of the grocery market, already offers credit cards, savings accounts and insurance via its Tesco Personal Finance (TPF) brand and announced plans late last year that it could be offering mortgages later this year.

TPF was launched in 1997 as a joint venture between Tesco and Royal Bank of Scotland and has 6 million customers in the UK, Ireland, Hungary and Poland. However, last summer, Tesco bought out RBS‘ 50% share in a deal worth £950 million.

The centre in Glasgow has been built with the help of a £5 million grant from the Scottish Government.

The supermarket hopes to take advantage of the lack of confidence in existing banks by attracting disillusioned customers.

Andrew Higginson, chief executive of Tesco Retailing Services, said: “The opening of the new customer service centre will be a significant step towards Tesco Personal Finance offering a full banking service. It is hard to ignore that people’s trust in the banking sector is at a very low ebb.”

As well as banking, Tesco plans to boost its profits by offering telecoms as well as online and home shopping.

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