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Tesco Finance plans city jobs
10/06/2009
First Minister Alex Salmond welcomed the commitment of Tesco Personal Finance to build its business in Scotland as he officially opened its Edinburgh headquarters today.
Tesco Personal Finance, the UKs largest supermarket financial services business, plans to increase the number of employees based at its city centre HQ from 250 to 450 over the next 12 months.
Established in 1997, Tesco Personal Finance has almost six million customer accounts covering general insurance, credit cards, personal loans and savings, and a network of ATMs.
The FM said:
"Tesco Personal Finances decision to establish its headquarters in Edinburgh signifies the company's commitment to building its business in Scotland.
"The global economic downturn has seriously affected the Scottish financial sector, however, the establishment of this HQ and the companys plans to increase its workforce from 250 to 450 demonstrates the resilience of our financial services industry and reaffirms our reputation as a leading international centre for financial services.
"Financial services is a significant source of employment in the Scottish economy and it is testament to our skilled workforce that world leading companies want to grow from a Scottish base.
"Through the Scottish Governments six point economic recovery programme we are doing all we can to help and support the sector and the wider economy.
"Scottish Development International and Scottish Enterprise are working closely with the financial services industry to identify opportunities for future growth and investment, and to position our economy for a strong recovery.
"I warmly welcome the commitment Tesco Personal Finance has made to Scotland and I look forward to seeing the company expand further in Scotland."
Benny Higgins, Chief Executive of Tesco Personal Finance, said:
"Tesco has made an important step by committing to expanding its financial services business from Scotland. Edinburgh is the ideal place from which to move what is already a successful business into the next stage of its development."
Chief Executive of Scottish Development International Lena Wilson said:
"Thanks to factors such as the skills of our people, a well developed business infrastructure and a competitive cost base, Scotland has developed a real reputation for attracting high quality investment and jobs such as those being created by Tesco Personal Finance.
"The decision to head quarter its business in Edinburgh is a real testament to the continued potential of Scotlands financial services sector, despite recent events, and I look forward to working closely with the company in the future."