Tesco’s decision to build its retail bank from a new base in Edinburgh was hailed yesterday as a vote of confidence in Scotland’s beleaguered financial sector.

Unveiling the bank’s headquarters yesterday, Alex Salmond, first minister, said the global economic downturn had seriously affected the Scottish financial sector.

'However, the establishment of this HQ and the company’s plans to increase its workforce from 250 to 450 demonstrates the resilience of our financial services industry and reaffirms our reputation as a leading international centre for financial services,' he said.

Financial Times