There are always opportunities to be found in adversity and Tesco (never one to be slow on the uptake) has spotted a great one.
Tesco is about to open 30 in-store banks around the country. The retail giant is well heeled and nicely poised to pick up a good deal of the fall-out from the on-going banking crises.
The plan is to focus initially on car loans and the like but the longer term aim is to offer current accounts and a full range of financial services.
This will enable Tesco to grow profits from its current personal finance offer from £400 million to £1 billion per annum.
Tesco has been opening 1000 new accounts a day since the credit crunch took a grip as people search desperately for a bank they know they can trust.
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