Tesco 2009 Annual Report Download - page 22

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20 REPORT OF THE DIRECTORS
We believe in creating value for all our
customers because that is how we earn
their loyalty. Over time customers have
come to trust Tesco to deliver value
whether they are buying their weekly shop
or opening a savings account. Their trust
is very important to us. So we take the
same approach to financial services as
we do to all other parts of our business
and that means offering competitive,
straightforward products with no
confusing small print and hidden charges.
Unlike many of the high street banks TPF
is well funded – we never got involved in
any of the complicated financial products
and toxic debt that has caused so many
problems for the banking sector. So while
many banks now have to grow their margins
and rebuild their balance sheets, we can
concentrate on offering competitive rates
across our savings, loans, credit cards and
insurance products.
We are aiming to add more value by
rewarding our loyal customers with
Clubcard points, which is of course
unique to Tesco. Looking further ahead,
it’s clear that customers want us to
provide a real alternative to other banks
and that means a broader product range,
including a current account.
Andrew Higginson Chief Executive of Retailing Services
and Group Strategy Director
Can Tesco really offer the same
value as my bank?
6m
Tesco Personal Finance
customer accounts