Power and roadside services conglomerate Centrica announced Friday that it is “well advanced” with plans to launch a telephone and internet bank, offering current accounts, mortgages and pensions to its eighteen million customers.

However, the multifaceted mammoth is still undecided whether to go it alone or enter into partnership with an existing bank or financial services provider. According to Centrica chief executive Roy Gardner, discussions about a banking licence are currently in train with the Financial Services Authority as well as potential partners.

The move follows last week’s announcement that Centrica-owned British Gas Communications is to enter the UK telecoms market with a tariff significantly undercutting BT [WAMN: 4-Sep-00]. BMP DDB has been appointed to handle the new account.

News Source: CampaignLive (UK)