Tesco Bank Ireland to Exit Most Product Lines

[Lightning]

More bad news on the banking competition front.

Tesco Bank, who a few years ago, shut their loans business here, are now shutting their home insurance, pet insurance and motor insurance product lines. This is to enable Tesco to focus on their retail offering that is suffering large market share losses to Aldi and Lidl.

Not so long ago, Tesco Bank were talking about expanding here and were often mentioned as a party that might establish a retail presence here.

This leaves Tesco Bank with just one product here, credit cards.

 

[WizardDr]

I note that Musgraves have 'plans' to enter the insurance business.

Sounds like a difficult business for retailers who seem to under estimate the effort.

 

[peteb]

Musgraves had said some time ago after rumour of that began, that they were not getting into that.

 

[Lightning]

Sounds like a difficult business for retailers who seem to under estimate the effort.

I think, Tesco's case, they under estimated the distractions, these type of things cause, from their core grocery offering.