Tesco, Britain’s biggest retailer, is considering seeking a separate credit rating for its financial services arm to give it more clout for its aggressive assault on banking.

The supermarket is planning to launch a current account within the next 18 months, and a mortgage, probably within the next two years. Andrew Higginson, chief executive of Tesco’s retailing services business, which includes Tesco Personal Finance, said the financial services arm could apply for a separate rating from credit agencies to allow it to borrow directly in the market, rather than through parent company Tesco.