Tesco Bank to launch current account in May 2014

Tesco Bank is due to launch its long awaited current account in May 2014, according to head of UK banking at Wincor Nixdorf Ian Byrne.

Tesco Bank is due to launch its long awaited UK current account in May 2014, according to head of UK banking at Wincor Nixdorf Ian Byrne.

Tesco Bank has been planning its current account launch since 2009 with an original plan to go live in late 2011 but has suffered from long delays.

The UK’s largest retailer by revenue will try to take advantage of its loyalty scheme, Tesco Clubcard, in an attempt to snatch away market share from the traditional banks.

The Tesco Bank, founded in 1997, is to create 600 new jobs in Scotland over the next few years as it expands its operations from credit cards, personal loans, savings, mortgages and general insurance.

Tesco has working closely with Wincor Nixdorf over the last few years after extending their partnership in 2012.

From 2012 Wincor has provided services for 2,600 stores in Tesco’s home markets, in addition to 850 stores in central and Eastern Europe.

Wincor Nixdorf provide Tesco with all services connected with the maintenance and repair of PoS systems and their peripherals, store-specific IT and network infrastructures.

Benny Higgins, Chief Executive of Tesco Bank, said: "Since 2008, we have invested to build a bank for Tesco customers.

"We now have more than 6.8 million accounts and offer straightforward, transparent products which reward loyalty and provide great value.

"We are making excellent progress towards the launch of our current account and the recruitment of these new roles is an important milestone in that process."

Tesco Bank currently employs 4,000 staff with its operations largely concentrated online and via the phone.

 

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