Jump to content

 

BankFodder BankFodder


Andyorch

Tesco Bank/Credit Cards

Recommended Posts

Tesco Bank is a British retail bank which was formed in July 1997 (as Tesco Personal Finance), and which has been wholly owned by Tesco plc since 2008. The bank was formed as part of a 50:50 joint venture between The Royal Bank of Scotland and Tesco, the largest supermarket in the United Kingdom.

 

Tesco later acquired Royal Bank of Scotland shareholding, which resulted in the bank becoming a wholly owned subsidiary, and now operates under its own banking licence under the Financial Services Compensation Scheme.The bank offers a range of insurance, credit cards, loans, savings, mortgages and travel products, and launched a current account in June 2014.

 

Prior to the formation of Tesco Personal Finance plc, Tesco had a banking joint venture with NatWest, which ended in February 1997.TPF was formed in July 1997, following the successful launch of Sainsbury's Bank by its main competitor, Sainsbury's. The bank was launched as a joint venture with the Royal Bank of Scotland, which processed all its financial transactions.

Subsidiary companies of the Royal Bank, such as Direct Line, UKI and Lombard Direct helped Tesco Personal Finance provide insurance products. In July 2008, Tesco announced that they were buying out the Royal Bank of Scotland's 50% stake in the company for £950 million, and the transaction was completed later that year. In October 2009, Tesco Personal Finance was renamed Tesco Bank.

 

https://en.wikipedia.org/wiki/Tesco_Bank


We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group The National Consumer Service

 

If you want advice on your thread please PM me a link to your thread

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...