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.
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.[4] 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.
^"TESCO PERSONAL FINANCE PLC overview – Find and update company information – GOV.UK". Companies House. 5 March 1997. Retrieved 6 August 2023.
^ abc"Tesco Personal Finance Plc (Tesco Bank)" (PDF). Investec Capital Markets. 2012. Retrieved 30 May 2013.
^"Tesco Bank key facts". Tesco PLC. 2012. Retrieved 30 May 2013.
^"Bank Licence List – Investor Protection Compensation Scheme (Revised July 2013)". Financial Advice.net. 2013. Retrieved 1 December 2013.
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Global Information
£1.075 billion (2013/14)[2]