Jul 4, 2017
Benny Higgins to step down from Tesco Bank after a decade
Benny Higgins will end almost a decade as chief executive of Tesco Bank next year, announcing his plans to stand down months after the lender was hit by a multimillion pound cyber attack. Mr Higgins, who is known in banking circles as a "Colourful" and "Gregarious" character, has led the financial arm of the UK grocer since 2008, when Tesco took full ownership of the business from RBS. In that time he has increased customer deposits by more than £5bn to £8.5bn and hit 8m customer accounts. Mr Higgins said his departure was not related to the cyber attack last November, which resulted in 9,000 Tesco Bank customers having money stolen from their accounts. The debacle raised questions over the robustness of Tesco Bank's processes and systems, highlighting the broader risk that cyber threats pose to customer confidence in banking security. Tesco Bank last year started offering mortgages through brokers in an attempt to expand the business.
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