Tesco Bank is reportedly looking to
fight for a 10% market share of the UK’s financial services market,
signalling for the first time the scale of the retailer’s
ambitions.

The UK’s biggest retailer – and the
world’s fourth-biggest – would not confirm a specific overall
figure for capturing market share, but a spokesperson told
RBI the bank was “talking about the very long-term”.

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“We plan to use the relationship we
have with our loyal customers to ultimately create a substantial
business in a number of areas,” the spokesperson added.

The bank already has a 10% market
share of credit card transactions and around 4% of the motor
insurance market, but added that some markets, such as investment
banking, are of no interest to the bank at all.

The recently re-branded Tesco Bank
has more than 6 million customer accounts across 28 financial
products and services, and gave the first indications of its
banking ambitions in 2008 after becoming the sole owner of Tesco
Personal Finance, previously a venture with Royal Bank of Scotland
(RBS).

In another sign of the bank’s
progression, it partnered with financial technology group Fiserv
when it reiterated that it wanted to more than double its annual
profit over the next few years.

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At the heart of Tesco’s banking
ambitions to grow customer numbers and increase cross-sell is the
potential goldmine of its hugely successful Clubcard loyalty
scheme, boasting more than 15 million active members.

Tesco also continues to be linked with moves to buy up banking
assets from Northern Rock, Lloyds Banking Group and RBS.