Tesco Bank, a British retail bank that has been wholly-owned by Tesco plc since 2008, has confirmed the appointment of Gary Duggan as the institution’s interim CEO, Tesco Underwriting, and interim Chief Insurance Officer.
Tesco Bank, which was formed as part of a venture between The Royal Bank of Scotland and Tesco plc, the leading supermarket in the UK, noted that the appointments are subject to customary regulatory approval.
Gary has spent his professional career working extensively in the banking and insurance sectors. He is currently serving as Senior Adviser at Oxbow Partners, a European insurance consultancy.
From 2017-2020, Gary served as Chief Executive of Saga Services, where he was responsible for leading their insurance broking and personal finance divisions. Before these roles, Gary was MD of Junction, the UK’s largest General Insurance partnership business. Previously, he was also CEO of Broker Network and Paymentshield at Towergate. He also spent more than 2 decades working in the banking industry with Barclays, GE and HBOS.
Gary’s recent appointment should become effective today (July 5, 2021). He will be serving in these roles for at least a year, the announcement noted. Gary will be taking the place of Steve Kingshott who has decided to leave the company.
Gerry Mallon, Tesco Bank CEO, stated:
“I’d like to welcome Gary to our business. He has a wealth of experience in banking and insurance which will be invaluable to us, our customers, and our partners. Tesco Bank’s acquisition of Tesco Underwriting earlier this year underlines our commitment to the insurance market and our strategy of focusing on propositions which better meet the needs of Tesco shoppers.”
Tesco Bank has been focused on integrating with innovative Fintech platforms.
Sam O’Connor, the CEO at Coconut, a company that provides a tool for self-employed individuals that helps them manage their business finances, recently revealed that their platform now connects with Tesco Bank (among other financial institutions).
O’Connor had noted that they’ve added four more banking providers alongside over 20 other current accounts, including the main high-street to “smart” banks.