Retail giant Musgraves, the parent company behind Supervalu and a number of other supermarket chains have denied newspaper reports yesterday that they have plans to launch a bank. But in a statement issued this morning Musgraves say ” We are in the early stages of looking at providing services such as insurance products to our customers, but these plans do not include personal or commercial loans”. It said it is exploring the financial services space after receiving customer feedback that this is one of a number of services they would like to see offered by it’s retail brands.
Musgraves are understood to be examining plans to use almost 680 SuperValu, Superquinn and Centra stores around the country as ready-made distribution network for the financial services should the plan come to fruition. (pic shows Supervalu Boyle one of the 680 outlets nationwide affiliated to Musgraves)
