Tesco Bank
Tesco Personal Finance plc, trading as Tesco Bank, is a British retail bank which was formed in July 1997 (as Tesco Personal Finance). 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, employing 2,800 people.
| Formerly | Tesco Personal Finance Limited (1997–2008) |
|---|---|
| Company type | Private |
| Industry | Finance and insurance |
| Predecessor | Tesco Personal Finance |
| Founded | July 1997 |
| Headquarters | Edinburgh, Scotland, UK |
Key people | Gerry Mallon, CEO |
| Products | Finance and insurance Mortgages Credit Cards |
| Revenue | £1.075 billion (2013/14) |
| £194.6 million (2013/14) | |
| Total assets | £8.605 billion (2013/14) |
Number of employees | 3,900 |
| Parent | Tesco |
| Subsidiaries | Tesco Compare |
| Website | tescobank |
| Footnotes / references Tesco purchase of RBS stake completed 2008 Q4 | |
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 license under the Financial Services Compensation Scheme. The bank offers a range of insurance, credit cards, loans, savings, mortgages and travel products. Tesco Bank also launched a current account in June 2014, but has since stopped accepting new current account applications, and all existing current accounts were closed in November 2021.
Tesco Bank customers can accumulate Tesco Clubcard points when they purchase finance products.