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Tesco to offer mortgages by end of year

Tesco Bank says it expects to be in a position to offer mortgages by the end of the year.

Tesco made the announcement, which is subject to FSA approval, in its annual results and also announced it had acquired new premises for banking and insurance and banking purposes in Glasgow and Newcastle, which will open in mid-2010.

The results show the bank, a subsidiary of Tesco, made a pre-tax profit of £114m, which is 40 per cent lower than the year before.

The bank, which rebranded from Tesco Personal Finance last October, suffered a hit in profits after it acquired RBS’ 50 per cent stake in the bank in 2008.

Customer accounts grew by more than 400,000, reaching a total of more than 6.2m across all products.


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Buy one Get one Free?

  2. What else may be good with a bloody tescos on every street in every city in the UK it will be easy access as well, although wont be able to afford a house as everyone will be working for tescos and all the land to build houses on will be earmarked for new tescos stores – ah well very little counts

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