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Tesco bids for bigger share of banking

With the creation of Tesco Bank, the UK’s dominant supermarket chain has given the impression that having conquered the grocery market it is only a matter of time until it rules financial services too.

Tesco’s leadership of the UK retail space is such that it accounts for nearly one pound in every seven spent in our shops. Its global spread, notably to Asia, has seen it become the third- largest supermarket chain worldwide after Wal-Mart (owner of Asda) and Carrefour.