Tesco Bank

Tesco Bank

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Tesco Bank

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Description:
Tesco Bank is the trading name of Tesco Personal Finance plc, a telephone and internet based commercial bank in the United Kingdom owned by Tesco, the UK's largest supermarket. Until 2008 it was a 50:50 joint venture between Tesco and the Royal Bank of Scotland, one of the UK's largest banks and remained under the Tesco Personal Finance plc (TPF) branding until 2010. Customers will gradually notice the phasing out of the TPF brand until mid to late 2011 when the rebranding will be complete. It is registered in Scotland at St Andrew Square, Edinburgh.

History

Formation of Tesco Personal Finance

Prior to the formation of TPF, Tesco had a banking joint venture with NatWest, which ended in February 1997. Tesco Personal Finance was formed in July 1997 following the successful launch of Sainsbury's Bank by its main UK competitor, J Sainsbury plc 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.

Tesco Personal Finance has been a great success for both Tesco and the Royal Bank of Scotland, returning profits of £65 million for Tesco for the financial year to February 2007. Tesco is able to use its large customer base to cross sell financial services products, and allows customers to accumulate Tesco Clubcard points when they purchase finance products....
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