Tesco Bank is a British retail banking brand operating as a trading name of Barclays. It was launched in July 1997 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.
Tesco later acquired Royal Bank of Scotland shareholding, which resulted in the bank becoming a wholly owned subsidiary operating under its own banking license under the Financial Services Compensation Scheme.[4] Barclays currently offers a range of credit cards, loans, and savings using the Tesco Bank brand. The bank previously offered mortgages, current accounts, insurance and travel money products.
Tesco Bank customers can accumulate Tesco Clubcard points when they purchase finance products.
History
Prior to the formation of Tesco Personal Finance, Tesco had a banking joint venture with NatWest, which ended in February 1997.[5]