Tesco appoints new insurance chief executive after bank split

Tesco Insurance and Money Services (IMS) has appointed Craig Bundell as its new chief executive.

Bundell brings more than 20 years of experience in financial services to the role, most recently serving as chief banking officer at Tesco Bank.

He takes on his new role following Tesco selling its banking operations to Barclays, with the retailer’s insurance operations being merged with its Money Services arm following the deal.

‘Incredible opportunity’

Bundell said: “I’m delighted to take on the role of chief executive, working with an incredible team of skilled colleagues who go above and beyond to provide our customers with excellent products and services.

“Building on the tremendous progress we’ve made as part of Tesco Bank, we now have an incredible opportunity to continue to deliver for our customers as Tesco Insurance and Money Services.”

Tesco IMS also has a presence across financial services more broadly, ranking first for gift cards, second for travel money and third for ATM networks in the UK.

Ashwin Prasad, chief executive at Tesco UK, said: “Bundell and his team have worked hard to grow the business and deliver for customers and are now laser-focused on making IMS the go-to provider of insurance and money services for our customers.

“The range of insurance products, gift cards, travel money and ATM services – as well as the 10-year strategic partnership with Barclays – makes IMS a vital part of what we offer. Together, we can accelerate those ambitions and do more for Tesco customers.”