Why Tesco is checking out supermarket chequebooks

By Lisa Buckingham, Mail on Sunday 財政上の Editor
Updated: 21:45 BST, 15 November 2008

Smug could be Benny Higgins' middle 指名する. As the 静かに spoken Scot 長，率いるing Tesco's turbo-cha rged personal 財政／金融 商売／仕事 looks around the 殺人，大当り fields of Britain's banking 部門, the headstones 耐える the 指名するs of many former 同僚s.

He is one of the few still standing - and is 明確に glad to be away from two of the three banks 保釈（金）d out by the 政府 last month.

But Higgins, who spent seven years as 長，指導者 (n)役員／(a)執行力のある of 小売 banking at 王室の Bank of Scotland before moving to become 長，率いる of 小売 商売／仕事 for 競争相手 HBOS, is in no mood to gloat.

Benny Higgins (Tesco 財政／金融). 供給（する）d for 選び出す／独身 編集（者）の UK print use only in the 財政上の Mail on Sunday. Copyright-Tom Stockill-All 権利s Reserved. (01753 862508/07831 815511) Not to be used without 事前の 許可 from the Copyright 支えるもの／所有者. This image must not be 企業連合（する）d or transferred to other systems or third parties, and 貯蔵 or 古記録ing is not permitted. Any unauthorised use or reproduction of this image will 構成する a 違反 of copyright.

Of the recently 追い出すd 長，指導者 (n)役員／(a)執行力のある of RBS, Sir Fred Goodwin, he says: 'I'm a 抱擁する fan of Fred and I enjoyed working for him. He was 堅い but always a good boss and it was a very exciting time. I genuinely hope the bank comes through this in good 形態／調整.'

At HBOS, Higgins' mortgage pricing 戦略 一時的に lost the bank its position as 最高の，を越す 貸す人 in 早期に 2007.

'The mortgage market then was very risky - it wasn't a time that we should have 手配中の，お尋ね者 a big market 株,' he says.

In August, just days before the public began to wake up to the idea of a 'credit crunch', HBOS's number two position cost him his 職業.

Had HBOS's market 株 continued to 縮む it may 井戸／弁護士席 have helped the group 天候 the 最近の 財政上の 嵐／襲撃する instead of losing its independence.

Higgins is 明確に no 投資 bank-style 危険-taker. Essentially 保守的な, he was even worried about 存在 photographed without a tie, にもかかわらず our 会合 in the City 長，率いる office of Tesco's prestigious lawyers Freshfields, where open necks appear to have been 可決する・採択するd 卸売.

Tesco bought out its 共同の 投機・賭ける 財政上の services partner --Higgins' old 雇用者 RBS - this summer, but Higgins says the move had been planned for a long time by the supermarket's personal 財政／金融 arm.

'To fulfil its real 可能性のある it needed to be more coherent, with a 選び出す／独身 parent,' he says. 'And given the 指名する Tesco Personal 財政／金融, that was always going to be Tesco.'

For those disenchanted with the High Street banks, the good news is that Higgins 計画（する）s to take Tesco Personal 財政／金融 into 経常収支s and mortgages.

連合させるing his 財政上の experience - he was also a 上級の (n)役員／(a)執行力のある at 保険会社 基準 Life - with Tesco's formidable understanding of 消費者s, Higgins 約束s 'things that are not commonplace'.

This will 含む greater 簡単, transparency about 製品s and 告発（する），告訴（する）／料金s, and rewards for 忠義 - raising the idea that card points earned on shopping could mean cheaper banking for Tesco's 14 million Clubcard 支えるもの／所有者s.

What 47-year-old Higgins is not 約束ing, however, is a bank that operates at the wafer-thin two per cent 利益（をあげる） 利ざやs of the supermarket. Tesco Personal 財政／金融 is 分かれて 規制するd by the 財政上の Services 当局 and will have to 会合，会う 規定するd 資本／首都 必要物／必要条件s.

But Higgins, a father-of-four who divides his time between Edinburgh and London, says the 背景 is cha nging and believes 顧客s will look beyond price to 問題／発行するs such as 信用 and service.

'Today there is an 適切な時期 to be a responsible 貸す人 in mortgages,' he says. 'At 現在の there are still 基金ing problems but that will change.

'In the second ４半期/4分の1 of next year 財政／金融ing will be freer and there could be a very active remortgaging-market. 類似して with 経常収支s. The banks have relied on overdraft 告発（する），告訴（する）／料金s as a 批判的な part of their 歳入s, but only a small number of people 支払う／賃金 these. We'll show a 乗り気 to listen to what all our 顧客s are telling us and to follow where the 顧客 leads. We'll put the Tesco into Tesco Personal 財政／金融.'

Higgins does not 解任する the idea that chequebooks may carry the famous スローガン, 'Every little helps'. He says 存在 part of the supermarket group will have 利益s that can be passed on to 顧客s.

'One of the most 決定的な things to understand about the 経済的なs of 経常収支s is the cost of acquiring new 顧客s,' he says. 'Our strength of 配当 through 支店s and the 関係 with Clubcard will make a 抱擁する difference. If we can reinvest the cost of pulling in 顧客s then that should be good.'

As a 共同の 投機・賭ける with RBS, the 商売／仕事 was formed 11 years ago and already has five million 顧客s. It is the country's fourth-biggest car 保険会社 and has 2,700 ATMs.

It also operates a travel money 商売／仕事 that 約束s to （警官の）巡回区域，受持ち区域 its 競争相手s on 通貨 交流 率s.

Now Higgins has an 注目する，もくろむ on the small 商売／仕事 market and moving into the 14 other countries where Tesco has 28 million 顧客s.

'It is not 全く （疑いを）晴らす to me how the changes now under way in the banking system will 広げる,' he says. 'But there is an 適切な時期 that lies before Tesco. I feel the sun on our 直面する.'