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Tesco Bank CEO to retire

Tom Belger | 5:42 Wednesday 5th July 2017

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.”