Tesco reveals Scottish banking shopping list

Tesco Personal Finance has been threatening to expand north of the border for a few months, and it's now announced plans to create 200 jobs in Edinburgh.

The supermarket has been building a bank from scratch since it bought out Royal Bank of Scotland's 50% shareholding in its banking arms for 950m in July last year. It's been recruiting for core functions such as risk, treasury, legal and product development since that time.

Now, however, the real recruitment drive has started and 200 jobs are to be created over the course of 2009.

Benny Higgins, chief executive of Tesco Personal Finance, said that Edinburgh was the "ideal place" to take the business to its next stage of development.

"We have continued to attract some of the best talent from across the industry, both from within Scotland and for those looking to move here for the right opportunity," he said.

Owen Kelly, chief executive of Scottish Financial Enterprise, adds: "Tesco Personal Finance's decision to create its headquarters in Edinburgh, along with hundreds of jobs, is a real boost for the city."