Date: 21/10/2010
Tesco Bank is planning entry into the mortgage market in early 2011 and has has signed a five year agreement with Vertex to support its entry.

To provide sales and service for Tesco Bank's mortgage business, 200 permanent jobs are being created in Glasgow. The jobs will be based at Atlantic Quay.

First Minister Alex Salmond said:

"Scotland has established a reputation for financial services excellence and I am delighted that Tesco Bank is creating 200 new jobs in Glasgow through Vertex.

"I welcome Tesco Bank's plans to further increase their presence in Scotland as the company moves into the mortgage market. This announcement reinforces the message that Scotland has not only the infrastructure, but the skills and talent to deliver success in the financial services industry.

"The Scottish Government, Scottish Enterprise and Scottish Development International continue to work hard to deliver jobs and investment to communities across the country. This is great news for Glasgow and for our continually growing financial sector."

Benny Higgins, chief executive of Tesco Bank commented:

"We are focused on designing mortgage products that are consistent with the Tesco brand; namely, products that are simple, transparent and reward customer loyalty. We are making good progress and plan to submit our proposals to the FSA next month.

"We have been very impressed with the quality of applicants we have seen for our Broadway One office in Glasgow and firmly believe that this is also the right location for customer sales and service staff for our mortgage business. Customer service is central to Tesco as a group and these will be crucial roles for the business as we look to enter the mortgage market next year."

Paul Sweeny, CEO, Vertex Group said:

"We're thrilled to be playing a role in what is a transformational move by one of the most respected brands in the UK."