Tesco gears up to enter global banking sector

Sir Terry Leahy - CEO of Tesco

by Paul Foy

Tesco’s plans to establish a bank could spread far beyond the United Kingdom, Edinburgh Napier News can exclusively reveal. The news comes as Tesco recently announced pre-tax profits of 1.6 billion for the first 6 months of the year.

A source within the team handling the re-branding of Tesco Finance to Tesco Bank, has revealed that if the bank gets a steady foothold in the UK market, it plans to go global with the scheme. The company’s current efforts are based in Edinburgh, and it seems that the city would be seen as an ideal international base of operations for the global expansion.

Our source has described Tesco’s strategy of implementing the infrastructure to “upgrade” from Tesco Finance to Tesco Bank, as “incredibly aggressive”, and went on to say the company was trying to “do in 10 months what would normally take an efficient team 2 years.

“This is the way Tesco conducts itself in business, and is obviously a major factor in how it has become the UK’s biggest supermarket”

The bank has already created around 80 jobs in the city, but this could increase significantly should the proposed global expansion come to fruition. This will come as welcome news to the citizens of Edinburgh, as the city has been one of the worst hit in the fall out of the global banking crisis.