Tesco Announces Banking Push

The UK's largest retailer Tesco has announced plans to open bank branches in 30 of its stores by the end of 2009. The strategy represents an aggressive push into personal finance products and can be seen as a move to capitalise on disenchantment with traditional banks, many of which have been blamed for the global financial crisis. The move follows reports that Switzerland-based Migros Bank, which is linked to the supermarket of the same name, has experienced a surge in deposits as consumers opt for banks that have not engaged in risky international

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