Tesco Bank is a British retail bank that was formed in July 1997 (as Tesco Personal Finance), and which has been wholly owned by Tesco plc since 2008. The bank was formed as part of a 50:50 joint venture between The Royal Bank of Scotland and Tesco, the largest supermarket in the United Kingdom.
Tesco later acquired Royal Bank of Scotland shareholding, which resulted in the bank becoming a wholly-owned subsidiary, and now operates under its own banking licence under the Financial Services Compensation Scheme. The bank offers a range of insurance, credit cards, loans, savings, mortgages and travel products, and launched a current account in June 2014.