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.”
Customers choose banks based on security over rates
Banking customers are placing a greater importance on security rather than savings rates, new resear...
FOS reveals rise in internet and phone banking complaints
The number of complaints received by the Financial Ombudsman Service (FOS) regarding internet/phone...
60% believe capital requirements increase will prevent new bank entrants
The new capital requirements will make competition with the large banks more difficult, one challeng...
Wesleyan Bank to provide additional £50m to SMEs
Wesleyan Bank has announced a new asset finance funding programme to help SMEs to grow and compete a...
FCA to consult on new rules for current account providers
The FCA has announced proposals to help customers make effective comparisons on the service levels o...
Lloyds Bank removes arrangement fees for small business customers
Lloyds Bank has announced the removal of term lending arrangement fees for small businesses...
Charter Savings Bank increases rate on one-year fixed cash Isa
Charter Savings Bank has increased rates on its one-year, fixed-rate cash Isa by 0.05% to 1.21% AER...
PCF Bank launches
PCF Bank has announced that it has received notification from the PRA and FCA that its regulatory re...
UTB provides £140,000 loan for overdue tax bill
When United Trust Bank (UTB) was approached by one of its key broker partners to assist a firm of so...