|Industry||Finance and insurance|
|Predecessor(s)||Tesco Personal Finance|
|Key people||Benny Higgins CEO|
|Products||Finance and insurance
|Revenue||£1.075 billion (2013/14)|
|Operating income||£194.6 million (2013/14)|
|Total assets||£8.605 billion (2013/14)|
|Parent||Tesco Personal Finance Group Limited|
|References: Tesco purchase of RBS stake completed 2008 Q4|
Tesco Bank is a retail bank in the United Kingdom which was formed in 1997, and which has been wholly owned by Tesco PLC since 2008. The Bank was originally 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 the RBS shareholding, which resulted in the bank becoming a wholly owned subsidiary, and now operates under its own banking license under the Financial Services Compensation Scheme.
The bank offers a range of insurance, credit cards, loans, savings, mortgages and travel products, and will launch a current account later this year. 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.
As of February 2014, the bank has around 7 million customer accounts and policies.
Prior to the formation of Tesco Personal Finance plc, as it was originally known, 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.
Tesco Bank Re-brand
In October 2009, Tesco Financial Services was officially renamed Tesco Bank.
At the end of 2013, the bank's plans to launch current accounts were confirmed as a result of a new recruitment campaign to service the product expansion. The bank confirmed an intention to launch the new product line in 2014.
The bank is registered in Scotland at Interpoint Building, 22 Haymarket Yards, Edinburgh, EH12 5BH. While operating as a joint venture the bank shared its registered office with RBS at St Andrew Square, Edinburgh.
In July 2010 Tesco Bank opened two major offices at Quorum Business Park in Newcastle and a larger one at Broadway One in Glasgow. Since then there has also been an office opened in South Gyle, Edinburgh.
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