Tesco Bank already offers a range of financial products, including insurance cover, credit cards, savings accounts, car breakdown cover, travel money and unsecured personal loans. It has branches in its numerous supermarket outlets, as well as access to these services via telephone and online.
Tesco Bank will now be hoping to enter the UK mortgages market sometime in 2011, as long as it gains permission to do so from the Financial Services Authority (FSA). The bank previously wanted to begin offering home loans towards the end of this year, but has been forced to put its plans back while it awaits approval from the regulator.
It has already joined the Council of Mortgage Lenders (CML) as an associate member. The CML is a growing organisation, which at present has 111 full members and 86 associate members.
Tesco Bank has also been expanding rapidly in Scotland, having recently acquired a second headquarters in Edinburgh and launched a new recruiting drive north of the border. It currently employs some 1,000 full-time staff members and up to 700 contractors.
Tesco Bank chief executive Benny Higgins said that the move is part of its ambitions to enjoy “long-term growth” in Scotland, adding: “We are currently recruiting for a wide range of roles across our offices.” This will involve hiring another 1,000 staff for operations at its Glasgow call centre and more skilled positions becoming available in Edinburgh throughout the year.
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