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Tesco Personal Finance rebrands as Tesco Bank

Tesco has revealed that Tesco Personal Finance will now be known as Tesco Bank.

The supermarket says the rebranding is in recognition of its longer-term objective of creating a full-service retail bank, offering a range of banking and insurance services through branches, in stores and online.

Tesco has not hidden its desires to enter mainstream UK banking, and has been reportedly converting Northern Rock as a possible vehicle to enter the high street.

The new supermarket bank will be offering current accounts next year, and may begin to lend mortgages also.

In August, Tesco opened an 800-staff strong finance centre in Glasgow. Chancellor Alistair Darling hailed it as a “strong vote of confidence” for the financial services sector.

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