Supermarket chain
Asda is set to enter the
mortgage market, placing it in competition with rival retailer
Tesco .
Gev Lynott, director of new
business at Asda, said that the supermarket is currently
negotiating with
brokers, the Times reports.
Mr Lynott claimed that the
company was hoping to provide customers with access to
the whole market.
We would like to offer a one-stop shop for a good deal on
everything by the end of the year, although there is no launch date
yet, he remarked.
According to the newspaper, Asda currently offers a variety of
financial services, such as
insurance and
credit cards .
The company first came into being as
Associated Dairies and Farm Stores in 1949, but traces its
history back to
businesses owned by the Asquith family and Hindell's Dairy
Farmers.
US-based retailer Wal-Mart purchased the firm as part of a £6.7
billion deal in 1999.
