Tesco to open 30 banks in 2009

Supermarket giant Tesco plans to open up to 30 bank branches in its stores during 2009, it has revealed.

The firm already offers insurance, credit cards, loans and savings accounts, and plans to introduce current accounts within two years.

Tesco has been running a trial of its bank branch service in Glasgow since 2006, and three new banks will open next month in Blackpool, Bristol and Coventry.

Tesco Personal Finance was founded 11 years ago in conjunction with Royal Bank of Scotland, though the supermarket bought the RBS stake for £950m last year.

Despite the financial crisis, Tesco's savings deposits nearly doubled in the past six months. The firm also recently announced plans to recruit 200 staff at its financial services division headquarters in Edinburgh.

A survey from Opal last week revealed supermarkets were seen as the biggest threat to the business of traditional financial services providers.

Contact: John Bakie, Tel: 020 7484 9805, e-mail: John.Bakie@incisivemedia.com