According to recent news reports Tesco Bank are facing long delays in respect of their launch into mortgage lending services. According to a spokesperson for the supermarket giant, “(we) are in the advanced stages of the regulatory process and will be in a position to provide details of the launch soon”.
Benny Higgins, the former HBOS and RBS executive heads up Tesco Bank and is reportedly in talks with the FSA and await regulatory approval.
Tesco are the grocery market leader within the UK, holding a 30.4 per cent market share. The successful buyout of RBS’ 50 per cent share of their financial arm in 2008 has left Tesco hungry for more, with vows to take customers from established high street banks. It would appear that from groceries through to legal services and banking no industry is taboo for the supermarket giant.
Given that Tesco already offer credit cards, loans, savings accounts and insurance many are expecting the mortgage launch to be swiftly followed up with the launch of current accounts, enabling Tesco to complete the set of services provided.
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