The chief executive of Tesco Bank is stepping down

Emma Haslett
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Higgins took on the role of chief executive in 2008 (Source: Tesco Bank)

Benny Higgins, the chief executive of Tesco Bank, has announced plans to step down next year.

Higgins will retire in February 2018, 10 years after he stepped into the chief executive role as Tesco took full ownership of the lender.

Tesco Bank was originally established in 1997 as a joint venture between Royal Bank of Scotland and the supermarket. Higgins was also appointed group strategy director in 2014.

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Under Higgins' watch, the lender has increased customer deposits by £5.2bn, as well as pushing up lending by £6.1bn, and increasing its workforce from 200 to 4,000.

However, his finances came under scrutiny last year year when it emerged he had spent more than £18,000 on taxis over eight months in 2015.

In November he led the lender through a massive cyber-attack, in which thieves stole £2.5m from 9,000 people, according to the National Crime Agency.

Today Dave Lewis, Tesco's chief executive, said: “Benny has steered Tesco Bank to the strong position it is in today. The strong growth in customers, deposits and lending is down to his leadership. It has been a pleasure having him on the leadership team, and we wish him all the best in his future endeavours.”

Higgins added: “As Tesco Bank celebrates its 20 year anniversary, I want to take time to recognise the achievements of colleagues in serving our 6m customers.

"I am very proud of what we have achieved together and it has been a privilege to work in Tesco Bank and across Tesco for what will have been 10 years.”

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