The new role will be in addition to Higginson’s responsibilities for finance and strategy at Tesco. He has served on the Tesco Personal Finance board since its first year of operation.
His appointment comes soon after the bank broke through the four million accounts mark, having launched products such as instant car breakdown insurance cover and off the shelf travel insurance.
Higginson said: “I am delighted to be taking on this new position, particularly at such an exciting time for Tesco Personal Finance.
“In the first half of this year the business delivered profits of £56m. We now have over one million motor insurance policies and 1.6 million credit card accounts.”