Asda to sell mortgages

Fri, 23 May 2008

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.
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