| Tesco’s trolley holds finance and food together |
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Today, multitasking can probably be one of the most reasonable ways to manage time and money constraints. At least that is what supermarket giant Tesco seems to have resorted to. Tesco, after making a breakthrough in the industry after recording annual profits of £2bn plus last week, is just not confined to simply being a grocery store.
Tesco’s financial products and services also rank amongst popular items in the shopping list of customers alongside the famous upmarket ready-to-eat meals. With a £202m profit as against £160m in 2003, Tesco Personal Finance has really come a long way. Operating about 4.9 million customer accounts and 1.4 million car-insurance policies, it has already issued 1.7 million credit cards along with lending an outstanding amount of £3bn.
Furthermore, Tesco Personal Finance has also recorded about 260,000 pet and 300,000 home-insurance policies. In addition to that, it made a foray into the mortgage trade last November after the launch of its FTSE tracker bond merely four months back.
None can forget the apprehensions that experts and media had when Tesco undertook the post by Sainsbury's and risked to be the first mega store providing personal finance. It is a real wonder to see Tesco doing so well in the financial stream in such a short time, with its first 3 financial products multiplying to 16 in only eight years in the present competitive market.
What’s more, customers for banking are expected to further increase to 14 million by 2008 from the current 5.8 million, according to Sainsbury's.
Daniel Newbolt, [OK] head of personal finance at Moneyfacts spoke about the achievements of Tesco and said "Tesco is dominating the news with their £2bn-plus profit and we continue to see the supermarkets providing competitive personal finance products that give the high-street lenders a run for their money."
Posted
on : Wed, 20 Apr 2005 00:00 GMT | Credit Cards News
By : Chris Rowe
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