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Tesco to create 800 finance jobs Tesco to create 800 finance jobs
(about 8 hours later)
Tesco Personal Finance is expected to announce plans to create up to 800 jobs in Glasgow as part of the company's rapid expansion in Scotland. Tesco has announced plans to create 800 customer service centre jobs in Scotland to support its finance operation.
The move to set up an insurance office in the city centre will be seen as a boost to the financial sector. The supermarket giant said the centre would open in central Glasgow in the first half of 2009.
Tesco, which wants to set up a full banking service, has already created 250 jobs in Edinburgh, bringing its total workforce in the capital to 450. Tesco wants to offer a full banking service, with its Edinburgh-based Tesco Personal Finance (TPF) already having six million customers.
It bought out Royal Bank of Scotland's 50% stake in the firm last December. It hopes to open TPF branches in Tesco stores.
The expansion has been led by chief executive Benny Higgins, who also plans to open Personal Finance branches in Tesco stores.
Six are being trialled at the moment, including one at the Silverburn Shopping Centre near Glasgow.Six are being trialled at the moment, including one at the Silverburn Shopping Centre near Glasgow.
Tesco recently bought out former partner Royal Bank of Scotland's 50% stake in TPF, while there has been speculation that Tesco may also bid for Northern Rock when the government sells the lender.
TPF, which currently employs 500 people in Edinburgh, has received a £5m grant from the Scottish Government to help create the service centre.
The jobs announcement was made ahead of a visit to the TPF's Edinburgh base by Chancellor Alistair Darling.
This is a significant boost for Glasgow and the wider Scottish financial sector Alex SalmondFirst minister of Scotland
Mr Darling told BBC Radio 4's Today programme that Tesco's announcement was a strong vote of confidence in Scotland's financial services industry.
He added: "I want to see increased competition in the [banking] system and that's why Tesco's announcement today is important.
"We do need more competition in the system. The last couple of years has seen a significant reduction in the number of people, both from abroad and British-based banks, who are lending into the market.
"We need more competition and that's something that we intend to encourage."
Scottish First Minister Alex Salmond added: "This is a significant boost for Glasgow and the wider Scottish financial sector.
"Today's announcement reinforces our reputation as a leading centre for financial services and highlights again the competitiveness of our skilled workforce."