Tesco Bank 'will make a real difference in banking'

www.moneynews.co.uk > Banking > Tesco Bank 'will make a real difference in banking'

Tesco Bank 'will make a real difference in banking'

Thu 15th Oct 2009

Tesco Bank is set to gain a significant market share of the financial services sector, one industry commentator has suggested.

On October 6th Tesco Personal Finance became Tesco Bank, which signalled the beginning of the company's full approach into the market, according to lovemoney.com head of personal finance Ed Bowsher.

He pointed out that the supermarket giant will not be launching any mortgage or current account products until 2011, but as soon as they do they will attract a lot of customers.

Mr Bowsher claimed that Tesco will be successful because customers will be attracted to the idea that they can get the majority of their financial services with one company.

"I think Tesco is going to become a bigger and bigger player in the UK personal finance market; it's very clear that Tesco wants to grow and I'm sure it will," he said.

The organisation will also be a welcome addition to the market because it will shake up competition, added Mr Bowsher.

Click here for more banking news

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'

Related News : Tesco
	Tesco Clubcard Credit Card 'offers market-leading interest-free period'
	Tesco Mobile deal 'courts consumers'
	Tesco Bank encourages financial education for children
	Tesco international exposure 'makes it a solid investment'
	Tesco Bank advises saving regularly for wedding
	Tesco Bank pet insurance to be launched with RSA
	Couples prefer to stay financially independent, says Tesco Bank
	Tesco Bank: Men spend the most on Valentine's Day
	Tesco: Cash machines to have busiest day ever
	Tesco Bank: Children are not getting hygiene message