Tesco Bank has signed a five year agreement with Vertex, a global 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.
Benny Higgins, chief executive of Tesco, 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.”
First Minister Alex Salmond 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.”
He adds: “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.”
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress