Appt Tesco Personal Finance

Tesco PLC
17 November 2003

17 November 2003


                     NEW CHAIRMAN FOR TESCO PERSONAL FINANCE

Tesco today announced that Andrew Higginson is to take over as Chairman of its
personal finance joint venture when the current Chairman, Rowley Ager, retires
next year.

The new role will be in addition to Mr Higginson's responsibilities for Finance
and Strategy at Tesco PLC. He has served on the Tesco Personal Finance board
since its first year of operation.

Mr Higginson's appointment comes soon after the bank smashed through the 4
million accounts mark and launched a number of new products, such as instant car
breakdown cover and off the shelf travel insurance.

Welcoming his appointment Andrew Higginson said: 'I am delighted to be taking on
this new position, particularly at such an exciting time for Tesco Personal
Finance. In the first half of this year the business delivered profits of £56
million, we now have over one million motor insurance policies and 1.6 million
credit card accounts. From nothing just six years ago we are now by far the
leading supermarket bank.'

                                      -ENDS-

Enquiries

Press:           Jonathan Church              [phone]
Analysts:        Steve Butler                 [phone]


Notes For Editors:

1. Tesco Personal Finance was launched in 1997. It is a joint venture with
the Royal Bank of Scotland. The Chief Executive Officer is Ian Clink. Products
available include savings accounts, credit cards, loans, life insurance, motor
insurance, travel insurance and breakdown cover.

2. Andrew Higginson, 46, joined the Tesco Board as Group Finance Director
in 1997. Prior to that he had been Finance Director of the Burton Group. He
started his career at Unilever and Guinness, before becoming Group Finance
Director of Laura Ashley. He is a member of the 100 Group of Finance Directors
and Non-Executive Director of C and J Clark Limited.

3. The appointment will take effect from March 2004.


                      This information is provided by RNS
            The company news service from the London Stock Exchange