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Retail giant may move into banking

February 19, 2010 by admin  
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Over recent years a number of well known retailers and supermarket giants have started offering various financial services, such as insurance services, credit cards, and even loans. Marks and Spencer, for example, has its own M&S Money sector and supermarkets such as Sainsbury’s and Tesco have been offering financial products for some time. One supermarket giant, Tesco, has recently announced that it is moving into the banking sector through offering full banking services, which will be rolled out over the course of this year.

It has now been announced that another retail giant is planning to move into the banking sector. According to reports John Lewis is thinking about applying for a banking licence, and if all goes to plan this could result in a shake up of the banking sector, with yet another choice for consumers.

Home and is already offered by John Lewis, and if it is successful in getting its banking licence it will be able to offer a range of other banking services.

Amongst the various financial services and products that John Lewis is said to be interest in offering is savings accounts, which could prove interesting for the many consumers who may be looking to find an account that offers good returns for their money. It is likely that the banking services that are offered by the department store would be made available through its own network of branches as well as on an online basis.

One industry official said that if the plans to enter into the banking sector do go ahead for John Lewis it will most likely be looking for a financial services specialist to team up with in order to offer the various financial services.

With many people having lost their trust in traditional High Street banks over the past couple of years retailers such as John Lewis and Tesco could find that they have increased success because their names are known and trusted in households across the UK.

Tags: tesco, car insurance, Financial services, insurance services, supermarket giants, financial products

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