Tesco's finance director Andrew Higginson has moved to the newly-created role of chief executive of retailing services, as the supermarket chain announced a major new focus on increasing its share of the personal finance market.

Higginson has moved to the new position, following Tesco's £1bn deal announced today to purchase RBS' 50% shareholding in Tesco Personal Finance.

With the retailer looking to double profits from financial services to £1bn from £400m, Higginson will oversee TPF and Tesco Telecoms in his new role while retaining his responsibilities for Tesco group strategy.

The wholly-owned TPF business will be led by Benny Higgins as CEO. Iain Clink, recently head of cards and direct finance at RBS, joins TPF as finance director.

The search for an FD successor to Higginson is underway.

'We have become a trusted supplier of innovative products and services offering great value and I believe Tesco's special relationship with consumers will enable TPF, as a wholly owned subsidiary of Tesco, to move its business to the next level,' said Tesco CEO Sir Terry Leahy.

Higginson is a keynote speaker at this year's Financial Director Summit.

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Profile: Andrew Higginson, Tesco group finance and strategy director

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View Tesco's statement here