Let's all work for Tesco

Amazingly, a Scottish-based bank has recorded a healthy profit for 2008 - Tesco Personal Finance (TPF). It also aims to create an additional 30 branches this year, and at least 200 jobs north of the border.

Tesco's banking operation has posted a profit of 244m for 2008, after benefiting from the exodus of customers from other struggling institutions.

The supermarket chain bought out Royal Bank of Scotland's 50% shareholding in its banking arm in July last year for 950m, and has since been beefing up its team. Having recruited for core operational roles, such as risk management and treasury, it unveiled plans to create 200 jobs at its HQ in Edinburgh.

Now, it seems it's ready to hit the high street, and having completed a trial run through a branch in Glasgow, has plans to create up to 30 outlets across the UK by the end of this year.

The firm said in its annual report: "The business is profitable and well-capitalised, which is a strong platform from which to pursue our plans to develop TPF from a successful, popular collection of financial products to a full-service retail bank in the years ahead."