- Tesco Personal Finance
name = Tesco Personal Finance Ltd
type = Private
Scotland, United Kingdom
Finance and insurance
products = Consumer
assets = £8.156 billion (
num_employees = 200 at head office (2008)
parent = 50%
Tesco, 50% Royal Bank of Scotland
subsid = Tesco Compare
homepage = [http://www.tescofinance.com tescofinance.com]
footnotes = Tesco purchase of RBS stake expected to complete 2008Q4
intl = yes
Tesco Personal Finance (trading as Tesco Finance & Insurance) is a telephone and
internetbased commercial bankin the United Kingdomowned by Tesco, the UK's largest supermarket. Until 2008 it was a 50:50 joint venturebetween Tesco and the Royal Bank of Scotland, one the UK's largest banks. It is registered in Scotlandat St. Andrew's Square, Edinburgh.
Prior to the formation of TPF, Tesco had a banking joint venture with NatWest, which ended in February 1997. Tesco Personal Finance was formed in July 1997 following the successful launch of Sainsbury's Bank by its main UK competitor, J Sainsbury plc Sainsbury's. The bank was launched as a joint venture with the Royal Bank of Scotland, which processes all its financial transactions. Subsidiary companies of the Royal Bank, such as Direct Line, UKI and Lombard Direct help Tesco Personal Finance provide insurance products.
Tesco Personal Finance has been a great success for both Tesco and the Royal Bank of Scotland, returning profits of £65 million for Tesco for the financial year to February 2007. Tesco is able to use its large customer base to cross sell financial services products, and allows customers to accumulate Tesco Clubcard points when they purchase finance products. This strategy is highly effective because it can be combined with in store offers which results in customers spending higher amounts of money, often on non-food items inorder to increase sales across all product lines thus causing sustainable yet competitive growth which allows them to deal with control for market control with ASDA.
The company is currently trialling a finance centre in the Glasgow Silverburn Extra store providing free financial advice and quotes for insurance and loans, this service is staffed by trained Royal Bank of Scotland staff. The centre also has a Euro cash machine providing commission free Euros and a
Bureau de Changerun by Travelex. If successful this trial will roll out to a number of other key and flagship stores.
On 28 July 2008 Tesco announced that they were buying out the Royal Bank of Scotland's 50% stake in the company for £950 million. [cite web |url=http://news.sky.com/skynews/Home/Business/Tesco-Pays-Royal-Bank-Of-Scotland-950m-In-New-Personal-Finance-Deal/Article/200807415058484?lpos=Business_2&lid=ARTICLE_15058484_Tesco%2BPays%2BRoyal%2BBank%2BOf%2BScotland%2B%25C2%25A3950m%2BIn%2BNew%2BPersonal%2BFinance%2BDeal |title=Tesco is taking full control of Tesco Personal Finance, after paying Royal Bank of Scotland £950m for its 50% stake in the division. |publisher=Sky News |date=2008-07-28 |accessdate=2008-07-28] [cite web |url=http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=A1YourView&xml=/money/2008/07/28/bcntesco228.xml |title= Tesco eyes mortgages and current accounts in plan to take on UK's high street banks |publisher=The Telegraph |date=2008-07-28 |accessdate=2008-07-28]
* [http://www.tescofinance.com/personal/finance/home.jsp Tesco Personal Finance]
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