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Boots bank could win public trust

High-street brands such as Boots could become more trusted providers of financial services than banks, says brokerage London & Country.

The comments follow news that Boots might consider a move into personal banking. In an interview in the Financial Times, Alliance Boots executive chairman Stefano Pessina said he would not rule out a move into personal banking as part of the group’s growth plans although it was not currently on his “to do” list. Boots has 2,600 stores and pharmacies.

In the interview, Pessina said: “We are in a market that is not growing by 20 per cent a year… the retail part, of course, and we have to add services, we have to be very active in order to offer more and more to customers and we have a lot of ideas. We are working on certain ideas.”

His comments come after Tesco announced last month that it is to open bank branches in 30 of its stores.

London and Country mortgage adviser Richard Morea says: “Considering all the turmoil in the banking sector, people are going to trust brands such as Boots and Tesco more than they would the banks so they may well turn to them for their financial products. But that brand loyalty will not make consumers blind. They are still savvy enough to weigh up their options.”

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