FOR IMMEDIATE RELEASE
London, UK, 5th October, 2010: Tesco has confirmed it will offer its customers current accounts and mortgages next year as it looks to expand its banking division.
The supermarket giant already offers savings, loans and insurance products following its split from the Royal Bank of Scotland in 2008.
Tesco plans to launch mortgages during the first half of next year and current accounts later in 2011.
A Tesco spokesman said: “It is critical that we design products which are consistent with our brand: namely, products that are simple, transparent and reward customer loyalty.
“We plan to submit our proposals to the FSA next month – there has been no change to the FSA process and we expect permission to launch mortgages to be granted within six months of submitting our request.”
It is unclear whether the new products will be available in-branch, with the firm currently trialling its Tesco Bank operations as it gauges customer opinion.
“Supermarket giant Tesco is ready to foray into the current account market in the year 2011. It also plans to offer mortgages to expand its banking division.” says financial analyst Charles Baker who has decades of experience in the financial industry. He works as a financial analyst for PPI Claim Company.co.uk.
“The group is considering this is a major decision in terms to its branding. The group is expected to submit its proposal to the Financial Services Authority to seek permission for the launch of these products.”
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