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Tesco looking to take UK banking sector by storm

While the news that Tesco is looking to open 30 bank branches within supermarkets around the UK has not necessarily registered on the radar of every financial adviser in the UK, it could mark the start of a concerted effort to create a position in the UK banking sector. Tesco already has one banking operation in Glasgow where customers are able to purchase insurance, apply for credit cards and loans and compare the price of various services in the industry. However, the expected roll-out of the company's banking exposure could see a doubling of the £400 million profits currently created by the retail services division.

However, those who believe that Tesco only has to open up a branch and they will be ultra-successful may need to think again. It is worth remembering that not every venture that Tesco has become involved in has been successful and like some large corporations in the UK they have "buried their dead at night" - i.e. written off their investment in dud operations and walked away.

The UK banking sector may literally be on its knees but there is no way large operations in the UK will sit back and let the likes of Tesco storm in and take their business. The group may have its own large client base but converting these customers into fee-paying and profitable banking clients is totally different.

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