Tesco Bank, the financial services unit of the world's third-largest retailer, has not yet decided when to start selling checking accounts or mortgages, Benny Higgins, the bank's chief executive, told lawmakers Wednesday.

Tesco PLC, which last year bought Royal Bank of Scotland Group PLC's share of their venture, will use its 2,300 U.K. supermarkets, including 1,000 in town centers, rather than buy branches sold by competitors, Higgins told the Scottish parliament's Economy, Energy and Tourism Committee.

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