Tesco Bank begins search for new boss as Higgins calls time

Edinburgh-based Tesco Bank has announced that it has begun the search for a new chief executive after news that current boss Benny Higgins is to step down.

Mr Higgins said the search for his replacement would start immediately after announcing that he would bring to an end a 10-year tenure by stepping down this coming February.

The news comes after last November’s cyber attack which saw 40,000 of its accounts exposed to suspicious transactions and customers losing portions of their deposits.

But Mr Higgins said that his decision was not linked to the heist which forced the lender to pay out £2.5 million to 9,000 affected customers.

Mr Higgins joined Tesco Bank in 2008 when the supermarket giant bought out Royal Bank of Scotland’s 50 per cent stake in what was a joint venture.

He has overseen a major transformation of the business, including the launch of a current account, increasing customer account numbers from 5.8million to 8million and bolstering staff from 200 to 4,000 at offices in Edinburgh, Glasgow and Newcastle.

The lender’s HQ in the Scottish capital now employs more than 4000.

Speaking about his departure, he said: “One of the tough choices that not everybody can make is choosing the time that is right for them and right for the business.

“I think 10 years is, for me, a very obvious time to embark on something else, and is a good time for the business to bring in fresh leadership.”

When asked who might lead the bank in the future, he said it was “very early days” and the decision would be made by the bank’s board.

He also batted away the prospect that his departure could lead Tesco to hoist a for sale sign over the lender.

He said he will look for another project, with the aim of taking up a “full-time position” once he leaves in eight month’s time.

Focusing on the cyber attack, he said: “We have taken every step which we think is appropriate to ensure (our) defences against anything similar.

“Our business has actually shown, if anything, stronger growth since November.

“I don’t want that to sound in anyway complacent because we never are … but the business has attracted more customers, across more products, since then.”