As supermarket chain Tesco announced record annual results, it also revealed it has seen a near-doubling of savings balances at its retail banking arm since the downturn began. Since last autumn's financial crisis began, Tesco has relaunched its banking operation, Tesco Personal Finance (TPF), as a safe haven for savers to deposit their cash.
TPF has gained success through low consumer confidence in established brands, particularly among its own loyal customers, as the saving balance rose from £2.5 billion in mid-October 2008 to more than £4.5 billion by the end of February.
The group appears to be turning TPF into a full-service retail bank as it has now bought out former partner Royal Bank of Scotland to take the 50% it did not own last December.
Tesco plans to open 30 bank branches in its stores by the end of this year, following a trial which has been running in Glasgow since 2006.
TPF now has six million customers since it launched 11 years ago and offers services including credit cards, pet insurance, bureaux de change and savings accounts.
Sourced from Confused.com [link]
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