Tesco banks on Ulster boss

TESCO Bank has appointed Ulster Bank boss Gerry Mallon as its new chief executive.

Mallon, who ran Danske Bank UK for eight years before taking charge at RBSowned Ulster in 2016, will join towards the end of July.

He succeeds Benny HigJD gins, who has run Tesco Bank for nearly a decade.

Formed as a joint venture with RBS in 1997, Tesco Bank is now wholly owned by the supermarket. It has 8 million customer accounts and policies across insurance, credit cards, mortgages, savings and current accounts.