Tesco Bank/Credit Cards

[Andyorch]

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