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Tesco Bank and Arrow Global announce partnership to support customers in financial difficulty

Arrow Global Group plc ("Arrow") and Tesco Bank have announced plans to transfer the collections and recoveries operations (Financial Assist) within Tesco Bank’s Customer Service division to Arrow.

This partnership will allow Tesco Bank to deliver an enhanced service to customers in financial difficulty by providing the necessary support and flexibility they will need in the future.

Tesco Bank has chosen to partner with Arrow, a recognised leader in supporting customers in financial difficulty, for several reasons, including our customer focus, proven expertise, technology platform and for the cultural alignment between the two organisations.

The partnership is expected to result in over 200 roles transferring to Arrow on 1 November 2021. The transfer of roles will take place under TUPE regulations and is subject to a collective consultation process with the recognised trade union. Under the agreement between Tesco Bank and Arrow, all colleagues transferring under TUPE will be protected from redundancy for a period of at least two years.

All transferring colleagues will continue to be located at Tesco Bank’s Broadway One building on Renfield Street, Glasgow after the TUPE transfer takes place. Tesco Bank will continue to have 1,700 customer service colleagues operating from its offices in Glasgow and Newcastle.

Gerry Mallon, Chief Executive, Tesco Bank, said:

“We take our responsibility to support customers in financial difficulty seriously and have an obligation to them to put in place the best support possible. We believe that the partnership announced today with Arrow will improve the support we can give these customers, given their specialism in this area of customer service. We look forward to working with Arrow, and further improving the experience we offer to our customers in financial difficulty.”

Dave Sutherland, CEO of Arrow Global’s Asset Management and Servicing (AMS) business, said:

“As we continue to build our UK business, this partnership recognises Arrow’s track record in working compassionately with customers in financial difficulty, underpinned by our purpose of building better financial futures. We are pleased to welcome our new colleagues, and the valuable skills and experience they will bring to our team, so we can continue to provide fair, effective, tailored services to support our customers. We’re looking forward to welcoming them on board.”

 - Ends -

Notes to Editors

About Tesco Bank

Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Over 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.

Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ

About Arrow Global

We build better financial futures.

Established in 2005, Arrow Global is an investor and alternative asset manager specialising in non-performing and non-core assets.

Regulated in our five European markets, we identify, acquire, and manage secured and unsecured loan and real estate portfolios from, and on behalf of, financial institutions such as banks, institutional fund investors and specialist lenders.

We help financial institutions reduce their balance sheets and recapitalise to increase mainstream lending, providing valuable capital and expertise to a growing European market.

Our award-winning customer service operations provide tailored support to people experiencing financial difficulties.

We manage funds of €4.8 billion (at 30 June 2021).

To find out more, visit www.arrowglobal.net