When it is a full retail Bank, of course.
Adopting a similar strategy to Virgin (who, funnily enough, also have a relationship with RBS, though Tesco recently bought out RBS' stake), Tesco have been building their credibility, educating customers, cementing relationships and gaining experience in the world of financial services for a number of years now.
Interestingly, both Virgin and Tesco have signalled their interest in 'the good bit' of Northern Rock (called the Bank Co. this is the deposit taking half of NR, the 'bad' half (debt) being the Asset Co.), which could be open to tenders by the end of the year if all goes to the Governments current plans for the nationalised bank.
The idea of huge brands leveraging their client base and expanding it through acquisition of 'complimentary' offerings, products or services is not new, but just how far should / can it go?
A book I am currently reading sheds some interesting light on this subject and is well worth a read to anyone interested:- Supercapitalism: The Battle for Democracy in an Age of Big Business by Robert Reich.
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