Tesco’s preliminary results for 2009 revealed it would develop a new range of products for launch by the end of the year subject to regulatory approval. These also include new savings products, with current accounts to follow in the second half of 2011.
In addition, Tesco Bank is building its operational base and will open new offices in Glasgow and Newcastle this summer dealing with banking and insurance services. It also plans to extend the trial of its in-store branch network in Tesco stores where people can speak to financial advisers.
Tesco Bank, which rebranded from Tesco Personal Finance last October, made a pre-tax profit of £114m, down 40% on 2008. This was due to its acquisition in 2008 of a 50% stake held by the Royal Bank of Scotland.
It also grew its customer base by 400,000 to 6.2m across all its products.
