Tesco Bank has left the mortgage market by selling its £3.7bn loan book. Its 23,000 customers will be moved to the Halifax, a subsidiary of Lloyds.
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UK headquartered Tesco PLC is one of the world’s largest supermarket chains with outlets in 12 countries across Asia and Europe. As well as its physical outlets it offers internet shopping.
The company was founded in 1919 by Jack Cohen from a market stall in London’s East End. The name Tesco is based on that of his supplier of tea at the time, TE Stockwell.
Cohen’s motto was "pile it high and sell it cheap", earning him the nickname "Slasher". The company listed on the London Stock Exchange in 1947. Originally UK-focused, it began expanding overseas in the 1990s.
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