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Asda launches banking service

Asda is set to launch a number of financial services products in the wake of widespread public distrust of traditional banking providers.

Asda Money will promote a number of products, including currency exchange, insurance and credit cards, which will be sold in stores across the UK.

The service itself will be provided by specialist companies, while information about Asda products will be available at checkouts and online. Customers who sign up to the new credit card will have the facility to manage it online, by telephone or by post.

This announcement follows the launch of Marks and Spencer’s in store banking service M&S Money. This service is backed by HSBC, and will include 50 branches in stores over the next two years.

Asda Money will also sell breakdown cover, travel, home and car insurance.

Tesco is home to the biggest in store banking operation. Tesco Bank has 6.5 million customers, and has its own banking license.

This was posted in Bdaily's Members' News section by Ruth Mitchell .