Benny Higgins, CEO at Tesco Bank, has announced that he will be retiring from the lender in February 2018.
Mr Higgins joined Tesco Bank as CEO during its move to full Tesco ownership in 2008 and was also appointed group strategy director in 2014.
The news comes as Tesco Bank celebrates 20 years of serving Tesco shoppers.
During that period, lending has exceeded £10bn.
“Benny has steered Tesco Bank to the strong position it is in today,” said Dave Lewis, group chief executive of Tesco.
“The strong growth in customers, deposits and lending is down to his leadership.
“It has been a pleasure having him on the leadership team, and we wish him all the best in his future endeavours.”
Tesco Bank was originally established in 1997 as a joint venture with RBS before becoming 100% Tesco owned in 2008.
Since 2008, lending has increased by £6.1bn, while customer deposits have grown by £5.2bn and now exceed £8.5bn.
“As Tesco Bank celebrates its 20-year anniversary, I want to take time to recognise the achievements of colleagues in serving our six million customers,” said Mr Higgins.
“I am very proud of what we have achieved together and it has been a privilege to work in Tesco Bank and across Tesco for what will have been 10 years.”
Atom introduces first-time buyer range
Atom bank has launched new first-time buyer products and extended its existing range by adding 95% LTV mortgages across all its existing mortgage products.
Charity Bank names new chief executive
Charity Bank has announced that Edward Siegel (pictured above) will become its new chief executive.
Investec relaunches flexible E-asy access account
Investec Savings has announced the relaunch of its E-asy access account with a new rate.
Temenos launches AI-based capability to protect banks from fraud
Temenos has expanded its financial crime mitigation product to include an AI-based suspicious activity prevention solution protecting banks and their customers from fraud.
Welsh businesses secure £68m from development bank
The Development Bank of Wales has reported that it has increased investment in Welsh businesses by £11.5m.
Leek United Building Society launches exclusive BTL product
Leek United Building Society has introduced a two-year buy-to-let fixed rate product available exclusively to TMA Club for directly authorised advisers.
What can we learn from the tech C-suite?
There has always been a cultural tension between IT and businesses.
Banco BNI Europa partners with Lendrock
Banco BNI Europa has announced a partnership with Lendrock to invest in the Spanish auto financing sector.
Secure Trust Bank joins Connect panels
Secure Trust Bank has joined the panel of Connect for Intermediaries mortgage network and the latter’s packaging arm.
Aldermore trains 500 brokers
Specialist bank Aldermore has trained its 500th broker through its training academy.