Supermarket giant Tesco (TSCO.L) has announced revealed Tesco Bank chairman Andrew Higginson is to step down from the board next year.

Higginson, who is also chief executive of retailing services and sits on the board at Tesco, has been one of the key drivers behind the the development of Tesco Bank and its push into Asia.

Philip Clarke, chief executive of Tesco, said Higginson had made an 'important contribution' into its moves into Asia and online.

He said, 'From 2008 in his Services role he has led the development of Tesco Bank and the extension of our online offer both to general merchandise and clothing and to Korea and Ireland.

'I respect Andy's decision to move on and am grateful that he has given me sufficient notice to effect proper succession planning.'

Andrew Higginson said he was 'proud' to have contributed to the company's success and will, after 15 years, move on to the next phase in his career.

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