industry finance and insurance predecessor tesco personal finance founded 1997 headquarters edinburgh scotland uk key people benny higgins ceo products finance and insurance mortgages credit cards revenue 1.075 billion 2013 14 1 operating income 194.6 million 2013 14 1 total assets 8.605 billion 2013 14 1 number of employees 2 818 2 parent tesco subsidiaries tesco compare website www.tescobank.com footnotes references tesco purchase of rbs stake completed 2008 q4 tesco bank is a british retail bank which was formed in 1997 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 uk s largest supermarket . 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 . 3 the bank offers a range of insurance credit cards loans savings mortgages and travel products and launched a current account in june 2014 . a unique selling point of tesco s banking products is that the bank is able to leverage its large customer base to cross sell financial services products as customers can accumulate tesco clubcard points when they purchase finance products . tesco bank came third in the british bank awards with an average customer satisfaction of 87.8 % . 4 as of february 2014 the bank has around 7 million customer accounts and policies . 5 contents 1 history 2 services 3 office locations 4 customer branches 5 references 6 external links history edit prior to the formation of tesco personal finance plc tesco had a banking joint venture with natwest which ended in february 1997 . 6 tpf was formed in july 1997 following the successful launch of sainsbury s bank by its main uk competitor sainsbury s. the bank was launched as a joint venture with the royal bank of scotland which processed all its financial transactions . 7 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 . 8 9 in october 2009 tesco personal finance was renamed tesco bank . 10 services edit tesco bank provides a range of personal accounts including current accounts mortgages credit cards loans savings accounts insurance and foreign currency exchange . mortgages were added in august 2012 11 after briefly offering products provided by first active in 2004 . 12 the bank confirmed in 2013 that it planned to launch a current account 13 14 and the first account was launched on 10 june 2014 . 15 office locations edit the bank is registered in scotland at interpoint building 22 haymarket yards edinburgh eh12 5bh . while operating as a joint venture the bank shared its registered office with rbs at st andrew square edinburgh . in july 2010 tesco bank opened two major offices at quorum business park in newcastle and a larger one at broadway one in glasgow . since then there has also been an office opened in south gyle edinburgh . customer branches edit during 2009 tesco initiated a plan to roll out in store branches under the tesco bank branding . 16 17 in september 2013 there were in store branches located in edinburgh coventry and worthing . 18 however on 14 may 2016 tesco bank closed all three remaining branches with a focus on being a completely online bank . in addition there are over 270 tesco travel money bureaux an in store bureau de change managed by a joint venture with travelex . 19 references edit a b c tesco personal finance plc tesco bank pdf . investec capital markets . 2012 . retrieved 30 may 2013 . annual review and summary financial statement 2012 pdf . tesco plc. 2012 . retrieved 30 may 2013 . bank licence list investor protection compensation scheme revised july 2013 . financial advice.net . 2013 . retrieved 1 december 2013 . british bank awards . tesco bank twitter . 2016 . retrieved 13 may 2016 . tesco bank reaches 7 million accounts . tesco bank press release . tesco bank . retrieved 28 march 2014 . rodgers peter 14 february 1997 . tesco cuts natwest tie to link with royal bank . the independent . retrieved 30 may 2013 . annual report and financial statements 1998 pdf . tesco plc. 1998 . retrieved 30 may 2013 . tesco pays 950m to become bank . sky news . 28 july 2008 . retrieved 28 july 2008 . thelwell emma ; butterworth myra 28 july 2008 . tesco eyes mortgages and current accounts in plan to take on uk s high street banks . the telegraph . retrieved 28 july 2008 . tesco bank to offer current accounts and mortgages . the telegraph . 6 october 2009 . retrieved 6 october 2009 . tesco bank will offer mortgages . bbc news . 4 august 2012 . retrieved 30 may 2013 . murray west rosie 4 august 2012 . tesco bank finally launches first range of mortgages . the telegraph . retrieved 30 may 2013 . tesco bank creates 300 scottish jobs as lender eyes current account launch . international business times uk . 2013 . retrieved 15 december 2013 . tesco s bank adds checking accounts 300 employees . the wall street journal . 2013 . retrieved 15 december 2013 . tesco enters battle for current accounts . bbc news . 10 june 2014 . retrieved 12 june 2014 . in store tesco bank branches planned . which . 30 march 2009 . retrieved 30 may 2013 . bradshaw tim 29 march 2009 . tesco to open bank branches in its stores . financial times . retrieved 29 march 2009 . tesco store locator opening times and store details . retrieved 23 september 2013 . travel money in store . tesco bank . 2013 . retrieved 30 may 2013 . external links edit official website tesco bank ireland v t e tesco key people jack cohen lord maclaurin terry leahy philip clarke dave lewis list of chairmen retail tesco tesco.com extra express metro one stop former operations dobbies garden centres harris hoole giraffe restaurants tesco kipa international operations tesco lotus tesco ireland services tesco bank tesco clubcard tesco mobile dunnhumby v t e banks of scotland adam and company airdrie savings bank bank of scotland clydesdale bank halifax intelligent finance royal bank of scotland sainsbury s bank tesco bank tsb bank v t e commercial and retail banks in the united kingdom banking in the united kingdom barclays barclays bank barclays wealth cybg clydesdale bank yorkshire bank hsbc holdings first direct hsbc bank hsbc private bank m & s bank lloyds banking group1 bank of scotland bank of wales birmingham midshires halifax lloyds bank royal bank of scotland group2 adam and company child & co. coutts & co. drummonds bank natwest royal bank of scotland ulster bank santander group cahoot cater allen santander uk wholly state owned national savings and investments post office money uk financial investments uk asset resolution bradford & bingley3 nram3 other airdrie savings bank al rayan bank aldermore allied irish bank gb first trust bank arbuthnot latham & co secure trust bank bank and clients bank of ireland butterfield bank cambridge & counties bank c. hoare & co close brothers group the co operative bank smile danske bank duncan lawrie handelsbanken harrods bank icici bank uk julian hodge bank kingdom bank kleinwort benson metro bank monzo onesavings bank raphaels bank reliance bank n m rothschild & sons sainsbury s bank sg hambros shawbrook bank standard chartered tesco bank triodos bank tsb unity trust bank virgin money big four banks are underlined and private banks are shown in italics 1 10 % owned by ukfi 2 73 % owned by ukfi 3 mortgage assets only retrieved from https en.wikipedia.org w index.php title tesco bank & oldid 740707912 categories banks of scotlandbanks of the united kingdomcompanies based in edinburghbanks established in 1997royal bank of scotland groupsupermarket bankstescohidden categories use dmy dates from june 2015 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 22 september 2016 at 19 35 . text is available under the creative commons attribution sharealike license ; 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