Asda has poached Tesco Home Shopping chief executive Paul Mancey to
spearhead its launch into financial services.
Mancey, who has been with Tesco for ten years, will join Asda in January
in the newly created role of business unit director, new businesses -
finance. He will report to deputy chief operating officer Richard
The Wal-Mart subsidiary is understood to be keen to offer a range of
no-frills services, including off-the-shelf financial products such as
insurance and loans. Industry insiders suggest this could be followed by
areas such as utilities, though Asda insists it is focusing purely on
A former Colgate-Palmolive and Britvic Soft Drinks marketer, Mancey has
held various roles at Tesco, including European trading director, UK
non-food director and, lately, chief executive of the home shopping
joint venture with Grattan.
His appointment comes at an important time for Asda, which is gaining
ground on market leaders Tesco and Sainsbury's.
The top two chains have established consumer financial services
Sainsbury's has also diversified into utilities and mobile phone
Asda already has its own clothing range under the George brand, but
experimentation with financial services has been restricted to
introducing Lloyds TSB easibanks to some stores.
The financial services launch is expected to take place some time next
year. An Asda spokesman said: "The important thing is to develop a
financial services proposition that is right for our customers. Because
we want to make sure we get it right, it will be some time before there
is anything on the shelf."
Asda's £23m brand advertising account is handled by Publicis,
which recently gave the supermarket's TV ads a new emphasis on product
range and service.
The company does not have a loyalty scheme because it prefers to invest
money in its 'Permanently low prices forever' brand positioning.