Tesco Bank, the lending arm of the UK’s biggest grocer, said Chief Executive Officer Benny Higgins plans to retire next year after almost 10 years in the role. Higgins, who has led the bank since it became a wholly-owned subsidiary of Tesco Plc at the height of the financial crisis in 2008, will depart in February. He declined to comment on succession plans.
Today it employs 4,000 people in Edinburgh, Glasgow and Newcastle and has about 6 million customers and €8.5bn in deposits.
Although Tesco is seeking to curtail non-food operations after an accounting scandal, it’s still expanding into checking accounts, mortgages, personal loans and credit cards.
