Tesco Bank celebrates 20 years of serving Tesco shoppers
4 July 2017
Today Tesco Bank celebrates 20 years of serving Tesco shoppers. In that time Tesco Bank has established a full range of retail banking products and has seen strong growth in traditional banking markets, including current accounts and mortgages, as well as innovating in the payments sector.
Originally established in 1997 as a joint-venture with the Royal Bank of Scotland, it became 100% Tesco owned in 2008. Over the past 9 years Tesco Bank has enjoyed significant growth and expansion, employing 4000 people across three sites in Edinburgh, Glasgow and Newcastle.
Since full ownership in 2008, Tesco Bank has:
- Increased customer account numbers from 5.8m to 8.0 million
- 1 in 4 Clubcard customers has a Tesco Bank product
- Customer deposits now exceed £8.5 billion, up £5.2 billion
- Customer lending now exceeds £10 billion, up £6.1 billion
- Increased total employee numbers from 200 to 4000 at Edinburgh, Glasgow and Newcastle locations
- Given back to our local communities by raising over £2 million for our charity partners
As the Bank marks this anniversary, Benny Higgins has announced that he will be retiring from Tesco in February 2018. Benny joined Tesco Bank as CEO during its move to full Tesco ownership in 2008 and was also appointed Group Strategy Director in 2014.
Commenting on Benny Higgins, Dave Lewis, said:-
“Benny has steered Tesco Bank to the strong position it is in today. The strong growth in customers, deposits and lending is down to his leadership. It has been a pleasure having him on the leadership team, and we wish him all the best in his future endeavours.”
Commenting on the Tesco Bank anniversary, Benny Higgins, said:-
“As Tesco Bank celebrates its 20 year anniversary, I want to take time to recognise the achievements of colleagues in serving our 6 million customers. I am very proud of what we have achieved together and it has been a privilege to work in Tesco Bank and across Tesco for what will have been ten years.”