FT.com / Companies / Food & Beverage - Tesco aims to become the ‘people’s bank’.
Tesco declared its ambitions to become the “people’s bank” on Tuesday, capitalising on public disillusionment with traditional lenders to launch an aggressive expansion into financial services.
Nothing could be further from my vision of what such a bank should be.
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They have spotted the ‘Gap’ and opportunity,they were in partnership with RBS.They can now buy the distressed assets and build out with real growth. This is a good sign the market is begining to work, asset prices now low enough to attract investment. Also who else can surmount the barriers to entry.
Unless HMG is willing to significantly build on a mutual model to expropriate the major domestic money transfer systems, how else can we avoid the players using the to big to fail, successful failsafe ‘capture play gambit’.
Depending on what they do and dont do it may be less risky for us, given the Glass Steagall act has not yet been reborn.
More competition by smaller players is good. Some of the smaller players apparently were very efficient in some aspects of the workings.
Regulation has not been overly successful in bringing Macro stability or fair micro regulation. (ref:Global markets & continued actions under the unfair contract terms act on bank charges and similar.)