Supermarket Chain Tesco to Add 30 In-Store Bank Branches

Tesco, the fourth-largest retailer in the world, will open 30 full-service bank branches within its supermarkets. The new venture, expected to be branded Tesco Bank, will kick off in the retailer’s stores in Scotland.

The branches join an already-robust banking venture for Tesco, known as Tesco Personal Finance. Tesco Personal Finance offers credit cards, loans, mortgages, savings accounts and several types of insurance, including car, home, life and travel. The unit had net income of £130 million for year ended February 2007.
Last July Tesco bought out its 50-50 partner on Tesco Personal Finance, the Royal Bank of Scotland, for £950 million.

Tesco had £48.3 billion of revenue last year. The company has more than 2,200 store.