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Friday, 3 April 2009

Watch out - here come the retailers!

As predicted at the beginning on 4 March (Who will eat the banks’ lunch) the retailers will fill the vacuum left by the big banks and building societies.

Did you see Tesco is launching 30 in-store banks by the end of the year under the brand name of Tesco Bank as part of the expansion of its financial services operation?

The supermarket, which has been trialing the concept in Glasgow since 2006, will use the banks to offer insurance, savings and credit card products from Tesco Personal Finance (TPF). Tesco is also planning to launch a current account within the next two years while mortgages are also being considered. Interesting times don’t you think?

Jo Parker

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