UK’s Tesco Bank has opened its seven millionth customer account and is gearing up to launch a new current account product during the first half of 2014.
Tesco Bank, which is a unit of UK supermarket chain Tesco, is planning to further strengthen its footprint in the country’s retail banking sector.
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After taking full ownership in 2008, Tesco Bank has added an additional 1.2 million customer accounts, launched a range of new products including mortgages, ISAs and Box Insurance.
Tesco Bank said that its deposits rose by 58% and customer lending was boosted by 64% since 2008.
The new current account is expected to be designed considering the varying needs of Tesco customers and will feature simplicity, transparency, convenience and reward for loyalty.
Tesco Bank chief executive, Benny Higgins, said, "Since 2008, we have invested to build a bank for Tesco customers.
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By GlobalData"Our goal is to win the trust of our customers by offering straightforward, convenient, transparent products which reward loyalty. We are delighted to be serving more customers in more ways than ever."
