Tesco will encourage its customers to invest their savings in Tesco Bank in a marketing campaign that could create more banking operations jobs.
As it stands, the supermarket giant has £4.5 billion worth of customer assets in its 6.3 million savings accounts, but the new advertising drive set to launch this autumn will try and make that figure grow.
Sir Terry Leahy, chief executive of Tesco, told the Financial Times that the company is like a shark that has to keep moving otherwise it will sink.
"Tesco can access 10 per cent growth for a generation," he told the news provider.
"The top-line growth can be very good. Not least in part because we had a market of 60m [consumers in the UK] and now we have a market of two or three billion [people]."
In 2008, Tesco bought the Royal Bank of Scotland's 50 per cent stake in Tesco Personal Finance for £950 million after the two had joined forces in 1997.
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