Despite the slow in Tesco’s aggressive growth the retailer has announced plans to open 30 bank branches in an attempt to cash in on consumer disillusionment with traditional banks.
The branches will begin to open next month in Blackpool, Coventry and Bristol, with all 30 offering insurance, credit cards, loans and savings accounts, open by the end of 2009.
Tesco agreed in July to buy out Royal Bank of Scotland from their financial joint venture for £950 million and said it planned to set up a full-service retail bank.
The move is part of the retailer’s continuing strategy on its course to make more than £1 billion from banking over the next few years.
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