Tesco has completed the acquisition of Tesco Personal Finance, following approval from the UK Financial Services Authority.

Tesco revealed in July that it would acquire the remaining 50 per cent of the joint venture it formed with Royal Bank of Scotland for£950 million.

Tesco chief executive of retailing services Andrew Higginson said the acquisition reflects Tesco’s strategy to expand its services offer. The grocer said in July it believed services could deliver profits of£1 billion a year – more than double last year’s profits of just under£400 million.

Higginson, who heads the team, also recruited Benny Higgins, who previously worked at RBS and HBoS, as chief executive of TPF.

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