While British retailer Tesco has been offering financial products for several years now, the Financial Times believes that the grocer is about to become a serious threat to UK banks. With 6m bank accounts and £4.5bn in deposit accounts the paper believes that they can easily leverage the public’s distrust of established financial institutions and launch into checking accounts and home loans:

Tesco declared its ambitions to become the “people’s bank” yesterday, capitalising on public disillusionment with traditional lenders to launch an aggressive expansion into financial services.

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