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Tesco delays current account launch
BANKING customers hoping to open a current account with Tesco will have to wait until next year after its launch was delayed, it was reported today.
Tesco Bank, which offers insurance, credit cards and savings products, was set to offer a current account this year but the release was put back to allow it to take advantage of new rules making it easier for customers to switch, a national newspaper said.
The Independent Commission on Banking last year recommended that a free current account redirection service is formed to improve the system by which customers can switch bank accounts and is set up by September 2013.
Tesco Bank, which has 6.5m customers, was launched in 1997 as a joint venture between supermarket giant Tesco and Royal Bank of Scotland. Tesco acquired the remaining 50% RBS stake in 2008 for £950m and Tesco Bank is now fully owned by Tesco.
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Weather for Yorkshire
Wednesday 23 May 2012
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