Tesco to open bank branches in 30 stores

Tesco is to open bank branches in 30 of its stores by the end of the year following a “successful” trial at a store in Glasgow in 2006.

Branches in three stores, Brislington in the west country, Coventry in the Midlands and Blackpool in the North East, are to be opened next month offering the same services initially as Tesco Personal Finance, according to a spokesman.

He says the supermarket expects to offer current accounts within 18 months – two years. The in-store branches will also offer terminals where customers can use online financial services and utility comparison service tescocompare.com.

The branches are expected to be branded Tesco Personal Finance until a name is “finalised.” The name “Tesco Bank” has been described as a working title.

Tesco held on to its most trusted food retailer brand in 2009 in the Reader’s Digest European annual poll, an asset it will hope to build on in the troubled banking arena where consumer confidence in bank brands has been damaged by the credit crunch and ensuing recession.

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