Reports have said the retailer’s financial services division will now be known as Asda Money and will target its 18 million customers with an unlimited cashback credit card.
The supermarket registered the ‘Asda Money’ trademark in January, which covers mortgage lending, but it would not confirm or deny whether it would launch into mortgages.
The Daily Telegraph said the “aggressive rebrand” comes when trust in the banking sector was at its “lowest ebb”.
Kirsty Ward, head of Asda Money, said: “Times are tough and we want to do more for the millions of people who shop at Asda every day. Financial products are important, but they shouldn’t cost the earth and you shouldn’t need to be an expert to buy one.
“At Asda Money, we’re combining our retail and financial services expertise to provide quality products at prices that save people money every day.”
The BBC reported products such as currency exchange and insurance will also be available.
The move comes after Marks & Spencer announced it would launch an in-store banking service this summer, although it later confirmed that it would not offer mortgage products until at least 2013. Tesco Bank is also preparing to launch its much delayed mortgage range.
