Tesco Personal Finance is also moving 250 staff to a new head office in Edinburgh’s Haymarket area. Staff will move from the existing office in South Gyle in the second quarter of this year.
Tesco Personal Finance chief executive Benny Higgins said: “Tesco has made an important step by committing to expanding its financial services business from Scotland. Edinburgh is the idea place from which to move what is already a successful business into the next stage of its development.”
Scottish Finance Secretary John Swinney said the move showed that Scotland continues to boast a “global reputation” for excellence in banking services. “Despite a global economic downturn and severe challenges facing parts of the financial services sector, there continues to be opportunities for growth.”