The new customer service centre will be based at Broadway One in central Glasgow and will manage customer sales and service for TPF. TPF has received a grant from the Scottish Government for £5 million to assist in creating the service centre.
Broadway One is in Renfield Street, Glasgow which is close to key transport links. The operations centre is due to open in the first half of 2010 and TPF will migrate its existing customers before the end of 2011 to ensure a seamless transition. The 125,000 sqft building has been let to TPF on a 20 year lease. It was completed on nine weeks ago by IVG Development (UK) Ltd and Ediston Properties and has achieved a BREEAM ('Very Good') rating. Rydens acted for IVG & Ediston, DTZ acted for TPF.
Andrew Higginson, Chief Executive of Tesco Retailing Services, said:
"The opening of the new customer service centre will be a significant step towards TPF offering a full banking service. It is hard to ignore that people's trust in the banking sector is at a very low ebb. Offering first class customer service, however, is central to our Tesco values and the new centre will most certainly help us put the Tesco into Tesco Personal Finance.
Launched in 1997 as a 50/50 joint venture with the Royal Bank of Scotland, Tesco bought out RBS for £950 million in December 2008 Today, TPF has over 6 million customer accounts across 28 products, covering insurance, savings, credit cards, personal lending and online insurance and utilities comparison through Tesco Compare.
TPF has developed an in store bank branch after a test branch in Glasgow, the first branches opened in Extra stores in Coventry and Blackpool and it plans 30 more this year. TPF has plans to offer current accounts within the next 18 months, but has set no fixed date for the launch of a range of mortgage products.