Balmer, who joins Tesco Bank with immediate effect and will report to chief operations officer David Bowerman, replaces former CIO Derek Tucker.

The new CIO will operate from Tesco Bank’s headquarters in Edinburgh, and brings with him leadership experience accumulated by stints at companies such as IBM, PwC and Sainsbury’s.

“I am pleased to be joining such a well-recognised brand and look forward to working alongside my new colleagues to ensure we provide the best possible service for Tesco Bank customers,” said Balmer.

He is set to lead a growing division of staff dedicated to engineering, with Tesco Bank recently announcing an increased focus on developing new customer-centric solutions, as well as the establishment of a new technology hub in Newcastle.

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140 new roles at Tesco Bank have been announced, with 100 in Edinburgh, and 40 in Newcastle.

David Bowerman, COO at Tesco Bank, said: “We are delighted to welcome Gary to the team at this exciting time for Tesco Bank.

“Our focus as a business is developing propositions which better meet the needs of Tesco shoppers, and Gary will play a key role in leading the technology function which supports the delivery of this.”

Tesco Bank was established under the name Tesco Personal Finance in 1997, and has been completely owned by Tesco since 2008, before which it was partly owned by the Royal Bank of Scotland (RBS).