Tesco wants 10% of financial services market
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Tesco has revealed it is looking to gain a 10 per cent share of the financial services market, but stresses that goal is “very long-term”.
Tesco already has a 10 per cent share of credit card transactions and 4 per cent share of motor insurance in the UK.
The supermarket, which already offers some insurance and savings products, has announced plans to launch mortgage deals this year and current accounts in 2011.
Tesco says it has no plans to enter the investment banking market.
A spokeswoman says: “We are looking for a 10 per cent market share…but we are talking about the very long-term.
“We already have a successful credit card business with a 10 per cent share of transactions and some 4 per cent of motor insurance. Of course there are some markets, such as investment banking, which we are not interested in at all.”
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Readers' comments (9)
Anonymous | 6 Apr 2010 2:12 pm
Selling credit cards and insurance online is one thing, providing financial advice is another.
This from a company that was going to go into selling cars.
We sit in awe!
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Jill terr | 6 Apr 2010 4:49 pm
What a waste of time, its like scottish widows trying to corner 30% of the tampon market
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Anonymous | 6 Apr 2010 6:15 pm
Tesco..... 2 for 1 ISA deals after 4 o'clock on their own brand?.
Will we get Club Points?
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Anonymous | 6 Apr 2010 6:15 pm
Tesco..... 2 for 1 ISA deals after 4 o'clock on their own brand?.
Will we get Club Points?
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Anonymous | 6 Apr 2010 9:42 pm
What a complacent bunch you are ! When was the last time you bothered to get out of bed to collect Mrs Miggins £10200 ISA ? Of course it wasn't worth it, much easier to chase down that Insurance Bond that will pay... 7% ...hmmmm. Wake up time I think.
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Sean | 7 Apr 2010 8:34 am
Hopefully the only businesses this will impact on is banks.
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Anonymous | 7 Apr 2010 10:18 am
Looking at the 'brochures' on offer at the local Tescos they pretty much have a full compliment of products already, so is this really news worthy....???
Anyway good for them.. anything that brings financial awareness to the masses - and all assistance in paying these ridiculous FSCS levy's is greatly appreciated........
Can I use Clubcard points to pay mine..?
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Suther Craigland | 8 Apr 2010 1:38 pm
I think this is a fantastic idea, they can have those annoying adverst comparing against asda and sainsburys.
......last week on the FSAs money made unclear our investment bond was 4p cheaper than asda or aldi etc.......
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Evan Owen | 21 Apr 2010 9:59 am
Tesco (AKA The Matrix) is welcome to 100% of the market, 100% of the regulation, 100% of the cost and 100% of the FSCS levy.
Be careful what you wish for.
It wanted a slice of the property market, cars...er.. what else was there? A bit like Virgin, some rogue sells them the idea and they trundle along until the muck hits the fan.
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