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ASDA Set To Challenge Tesco Finance Arm

In a move which may well slow the juggernaut which is Tesco, Wal-Mart owner ASDA has announced plans to introduce a mortgage service before the end of 2008, in direct competition with rival Tesco. While Tesco recently announced plans to introduce their own stand alone loan service, ASDA are currently in discussions with three mortgage brokers about putting the service together.

The management at ASDA also announced that they will be venturing back into the estate agencies sector but rather than an own brand service, which flopped last year, they will be looking to tie up with local estate agents. The markets have been crying out for a real competitor to the power of Tesco, a company which has taken over many areas of the UK business sector. Perhaps ASDA can at the very least instil real competition in the finance sector and give customers a greater range of choice.

It will be interesting to see how the head to head battle plays out because Tesco has not yet seen a rival such as ASDA make a real play for their area of the market. However, ASDA has access to 16 million shoppers each week in the UK, something which could prove decisive.

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