Tesco creates 800 new finance jobs

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The site in central Glasgow is expected to open in the first half of next year and will support the company's drive to offer a full banking service.

Edinburgh-based Tesco Personal Finance (TPF) currently has six million customer accounts and offers 28 different financial products and services, including general insurance and personal loans.

Tesco has been quick to pounce amid the banking crisis, relaunching TPF as a savings brand to capitalise on rock-bottom consumer confidence in established brands, particularly among loyal Tesco customers.

The group recently bought out former partner Royal Bank of Scotland, snapping up the 50% it did not own in TPF, while there has been speculation that Tesco may bid for Northern Rock when the Government sells the lender.

Tesco also recently started opening bank branches in its stores.

Andrew Higginson, chief executive of Tesco Retailing Services, described the new service centre as a "significant step" towards a full banking service, which would include current accounts and mortgages.

Tesco Personal Finance, which currently employs 500 people in Edinburgh, has received a £5 million grant from the Scottish Government to help create the service centre.

The announcement was made ahead of a visit to the company's Edinburgh base by Chancellor Alistair Darling. He said: "This is a strong vote of confidence in Scotland's financial services industry from one of the UK's leading companies."

First Minister Alex Salmond added: "This is a significant boost for Glasgow and the wider Scottish financial sector. (Thursday's) announcement reinforces our reputation as a leading centre for financial services and highlights again the competitiveness of our skilled workforce."