Tesco teams up with Vertex for mortgage launch
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Tesco Bank has signed a five year agreement with Vertex, a provider of customer management outsourcing, to support its planned entry into the mortgage market in early summer 2011.
To provide sales and service for Tesco Bank’s mortgage business, 200 permanent jobs are being created in Glasgow. The jobs will be based at Atlantic Quay.
Alex Salmond, first minister, says: “Scotland has established a reputation for financial services excellence and I am delighted that Tesco Bank is creating 200 new jobs in Glasgow through Vertex.
“I welcome Tesco Bank’s plans to further increase their presence in Scotland as the company moves into the mortgage market. This announcement reinforces the message that Scotland has not only the infrastructure, but the skills and talent to deliver success in the financial services industry.
“The Scottish Government, Scottish Enterprise and Scottish Development International continue to work hard to deliver jobs and investment to communities across the country. This is great news for Glasgow and for our continually growing financial sector.”
Benny Higgins, chief executive of Tesco Bank, says: “We are focused on designing mortgage products that are consistent with the Tesco brand; namely, products that are simple, transparent and reward customer loyalty. We are making good progress and plan to submit our proposals to the FSA next month.
“We have been very impressed with the quality of applicants we have seen for our Broadway One office in Glasgow and firmly believe that this is also the right location for customer sales and service staff for our mortgage business.
“Customer service is central to Tesco as a group and these will be crucial roles for the business as we look to enter the mortgage market next year.”
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Readers' comments (6)
Anonymous | 21 Oct 2010 11:03 am
where do i sign up?
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Luke Atkinson | 21 Oct 2010 1:20 pm
Yes all very interesting but will they open up their products to the Intermediary market or offer them Direct only?? I'm guessing Direct......
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Anonymous | 21 Oct 2010 1:56 pm
I'd be very surprised if Tesco's mortgage products will be made available to the Intermediary Market.
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Anonymous | 21 Oct 2010 2:05 pm
Double club card points?
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Ancient Wisdom...is a mortgage broker in N3. | 21 Oct 2010 6:31 pm
'Do you have a clubcard sir/madam?'..just imagine the points on a £200,000 mortgage!
..and life insurance to go with it!
Total Control of consumer spending habits in the hands of Tesco ( and TCF in one hit!)
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Anonymous | 21 Oct 2010 9:25 pm
Why is everyone so negative on here? Here we have a new lender preparing to lend which is great for a healthy market and all we get are moans!
Sorry but we should be greatful that in a market that is not particularly rising that we have fresh competition
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