1st Apr 09
Thirty bank branches in Tesco stores this year
by Sally Davies
www.tesco.com
By the end of this year, Tesco will have opened bank branches in 30 of its stores, the country’s largest retailer has announced, as it looks to take advantage of the public’s disillusionment with traditional banks.
The supermarket chain said that it was still planning to offer current accounts at a future date, but that setting up the IT platform would likely take 18 months to two years.
“We’re very, very keen to offer the current account service,” a Tesco spokesman said. “It’s a case of doing it properly.”
Consumer confidence in banks globally has dropped dramatically in the current credit crisis, which has seen governments bail out major financial institutions.
In July, Tesco agreed to pay Royal Bank of Scotland 950 million pounds to buy out the bank’s share of their joint financial venture, and subsequently announced that it would set up a full-service bank.
The retailer plans to show from banking and other service-related businesses, including telecommunications and also home and online shopping, estimating a rise from around 400 million pounds now up to one billion pounds within a few years.
An in-store bank has been trialled in Glasgow since 2006 and Tesco is planning to open three additional ones next month, in Blackpool, Brislington and Coventry.
Thanks to www.reuters.com for the above quotes, for more information on this article please visit their website.
www.tesco.com
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