RBS 2004 Annual Report Download - page 31
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Annual Review and Summary Financial Statement 2004
Divisional review
29
Retail Direct opened a new state-of-the-art
Credit Card Centre in Southend. This purpose-built
centre creates an excellent working environment for
our employees, helping them to deliver improved
service for our customers.
Retail Direct is an industry leader in the Chip
and PIN programme which provides customers with
enhanced security against fraud. Almost all our
terminals in retailers are now equipped with the
new technology, and by the end of 2004 80% of
our customers’ credit cards and debit cards had
been replaced with chip-enabled cards.
In June 2004, First Active mortgages were
launched in the UK, building on the Group’s
acquisition of First Active in Ireland in January
2004. First Active mortgages were offered initially
through intermediaries, and subsequently by
telephone and the internet. By the end of 2004,
mortgage applications amounted to £1 billion.
Lombard Direct and Direct Line Financial
Services increased their personal loan balances.
Primeline, our direct banking business,
increased its customers by 8% through new affiliate
relationships with partners such as BA Executive Club.
Tesco Personal Finance
Tesco Personal Finance extended its position
as the most successful supermarket bank in the UK.
It achieved a further increase of more than 10%
in its customer accounts, to 4.8 million, including
2.4 million motor and other insurance policies and
1.7 million credit cards.
Tesco Personal Finance launched an
innovative new ‘Instant’ Life Insurance package,
to augment the range of instant products already
available in store including breakdown cover and
travel insurance.
Tesco Personal Finance extended its
activities in Tesco stores in Hungary and Ireland.
International
In Continental Europe, Retail Direct continued
significant organic growth in volumes, both in its
traditional business and increasingly in direct loans.
Retail Direct also established a presence in the US.
In Continental Europe, Retail Direct acquired
Bibit, an internet payment specialist based in the
Netherlands.
Retail Direct reached agreement with
Tchibo to distribute consumer loan products to its
customers. Tchibo is a leading retailer in Germany,
where it has around 1,000 stores.