Tesco grows banking arm with 800 new jobs

TFP,which provides credit cards,small loans and insurance policies,will open a new centre in Glasgow during the first half of 2010,Tesco said in a statement.

Britain’s biggest retailer Tesco said Thursday its personal finance unit would open a customer centre in Scotland,creating 800 jobs and bringing the group nearer to providing full banking services.

Tesco Personal Finance (TFP),which provides credit cards,small loans and insurance policies,will open a new centre in Glasgow during the first half of 2010,Tesco said in a statement.

Britain’s biggest supermarket and third largest in the world said the centre would be built with the help of a Scottish government grant worth five million pounds (5.8 million euros,8.3 million dollars).

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“This is a strong vote of confidence in Scotland’s financial services industry from one of the UK’s leading companies,” Britain’s finance minister Alistair Darling was quoted as saying in the joint statement.

“And it shows that even at this difficult time,the Scottish and wider UK economy is still creating high quality jobs,” he added.

Britain remains stuck in recession as the number of unemployed people rises towards three million,while the nation’s banking sector has been shattered by the financial crisis.

As lenders such as Royal Bank of Scotland have fallen into state hands amid the ongoing credit crunch,Tesco has managed to win new customers for the limited financial services it offers.

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