Loan News Tesco Bemoans ‘incredibly Competitive’ Finance Market
03 November 2006
A spokesperson for Tesco Personal Finance has said that the financial services market, particularly the personal loans sector, is “incredibly competitive”.
Monica McCormack confirmed that, despite being widely regarded as a consistent market leader and placing near the top of many best-buy tables, the supermarket chain’s financial arm was constantly looking to evolve to stay ahead of the pack.
“We currently offer 24 different products and services,” Ms McCormack said.
“To attract customers we have to remain good value therefore we continually monitor the market and our position within it.”
Tesco first moved into personal finances in October 1997 and since then over five million customers have taken out some form of financial service with the company, Ms McCormack noted.
She added that in this time Tesco had been “instrumental in pushing down prices”, which was supported by the figures showing a £202 million profit for just the financial sector of Tesco’s empire.