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Article: Tesco marches on to retail banking dominance
- Article from:
- The Independent on Sunday (London, England)
- Article date:
- November 1, 2009
- Author:
CopyrightCopyright 2009 The Independent on Sunday. Provided by ProQuest LLC. (Hide copyright information)
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Right now, Tesco is the good guy in the banking world. The
public's trust in the traditional banking sector, especially in the
likes of Lloyds and Royal Bank of Scotland, has plummeted in recent
years. Their reputations remain horribly tarnished.
The banks don't care whether or not they are endearing themselves
to the public. All they worry about is repairing their damaged
balance sheets. Lending continues, but at little more than a
trickle. A friend of mine recently tried to get a modest commercial
business mortgage from a major "lender". He was told politely that
it was shut for business.
In contrast, Tesco's reputation remains firmly intact. Few brands
in the UK garner the kind of respect ...