After running a pilot in Glasgow since 1996, three more Tesco Banks will be opened in April in Brislington, Blackpool and Coventry. The remaining 27 will be opened by the end of the year.
The banks, expected to be branded Tesco Bank, will offer existing Tesco Personal Finance products, which include insurance, credit cards and savings accounts, as well as a terminal for TescoCompare.com. Tesco also plans to open current accounts within the next 18 months.
But the retail giant confirmed that plans to expand into mortgages would be put on ice due to the current economic downturn (Marketing 25 February).
A spokesman said: ‘It is about getting the right products out at the right time. We have no timescale in place for mortgages.'
Analysts said that Tesco Personal Finance could triple its revenues to £600m within the next five years.
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