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Tesco Personal Finance plc, trading as Tesco Bank, is a British retail bank which was formed in July 1997 (as Tesco Personal Finance). The bank was formed as part of a 50:50 joint venture between The Royal Bank of Scotland and Tesco , the largest supermarket in the United Kingdom, employing 2,800 people.
The "good bank" was Northern Rock plc, which was responsible for holding and servicing all pre-existing customer savings accounts and some pre-existing mortgage accounts. Northern Rock plc received additional capital of £1.4 billion of equity from the UK government. The strategy was to prepare the bank for sale into the private sector.
The retailer said the deal will kick off a 10-year partnership with the finance giant.
By January 2011 Tesco announced it had over 2.5 million UK mobile customers. [87] Tesco also operated a home telephone and broadband business. Its broadband service was launched in August 2004 to complement its existing internet service provider business, providing an ADSL-based service delivered via BT phone lines. [88]
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Change in access to a financial account or services between 2005 and 2014 by country [2]. The term "financial services" became more prevalent in the United States partly as a result of the Gramm–Leach–Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge.
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Higgins left in 1997 for the Royal Bank of Scotland, where he became chief executive of Retail Banking and was involved in setting up Tesco Personal Finance. He was part of the team (alongside Fred Goodwin and George Mathewson) that acquired and integrated NatWest in 2000. At the time of his departure from RBS at the end of 2005 he was chief ...