View more on these topics

RBS sells 50% stake in Tesco Personal Finance

Royal Bank of Scotland has confirmed it will be selling its 50 per cent stake in Tesco Personal Finance to Tesco for £950 million.

As part of this transaction, RBS will continue to provide certain commercial services to TPF post completion.

TPF was established in 1997 as a joint venture between Tesco and RBS. It has 5.5m customer accounts and offers more than 25 different products.

In the year to 31st December TPF reported profit before tax of £206m, total assets (net of intra-group funding) were £4.5bn and RWAs were £4.0bn.

RBS anticipates a profit on disposal on completion of approximately £500m.

The sale is subject to regulatory approvals and completion is expected to take place before the end of 2008.

RBS group chief executive Sir Fred Goodwin says: ‘Over the last 10 years RBS and Tesco have built a strong and successful joint venture. At this stage of its maturity it is appropriate for TPF to move to single ownership for the next stage of its growth and we wish them well with their future plans’


CII certificate for back-office staff

The Chartered Insurance Institute has set up a new certificate in life and pensions aimed at admin, technical and support staff working in back-office functions at life and pension providers.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm