Tesco personal finance arm shows growth

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Tesco personal finance arm shows growth

Products such as Tesco home insurance were among the best performing of the Tesco Group's businesses over the Christmas and new year period.

According to the retail giant, Tesco Personal Finance has maintained a strong position since it became a wholly owned subsidiary in December.

In particular, the rate at which Tesco savings accounts are being opened recently hit over 1,000 a day, the group claims.

The performance of the personal finance arm - which counts Tesco car insurance, Tesco home insurance and credit cards among its offerings - is likely to be welcome news to the group.

UK like-for-like sales grew by 2.5 per cent, though stronger growth was seen overseas, with a 32.7 per cent increase in festive sales outside this country.

Earlier this month, Tesco warned Britons not to travel without travel insurance, after a poll revealed 37 per cent of travellers have done so in the past.

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