The grocer has acquired Royal Bank of Scotland's (RBS) 50% shareholding in the 11-year old venture which has 5m customers. Its services include insurance, credit cards, loans, savings and cash machines.
Bradley, currently commercial director for added value foods, replaces former Vodafone UK marketing and commercial director Lance Batchelor who has been promoted to chief executive of Tesco Telecoms. Andrew Higginson, finance and strategy director at Tesco will take up the new board position as chief executive of retailing services.
Tesco said the deal would enable it to offer a full-service retail bank to customers. The move is part of its strategy to grow yearly profits at its retail services business including financial services, telecoms, the internet and home shopping from nearly £400m to £1bn.
This article was first published on Marketing