Sainsbury's Bank

Sainsbury's Bank plc
FormerlyAitken Limited
Company typeSubsidiary
Founded12 November 1996; 28 years ago (1996-11-12)
FounderBank of Scotland
Sainsbury's
Headquarters
Key people
Robert Mulhall (Chief Executive)
ProductsFinancial services
ParentSainsbury's
Websitesainsburysbank.co.uk

Sainsbury's Bank plc is a British bank wholly owned by Sainsbury's. The bank began trading on 19 February 1997 as a joint venture between Sainsbury's and Bank of Scotland. Sainsbury's took full ownership of the bank in January 2014.[2]

The bank's head office is located in Edinburgh, Scotland,[3] and its registered office in London, England.[4][5] In 2017 it had over 2.1 million active customers.[6]

History

Sainsbury's and Bank of Scotland (later a subsidiary of Lloyds Banking Group) formed the bank as a joint venture, and it received a full banking licence from the Bank of England in January 1997. It launched on 19 February 1997.

On 8 May 2013, Sainsbury's announced it would buy the 50% share in the business owned by Lloyds Banking Group.[7] The transfer was completed on 31 January 2014, and Sainsbury's Bank became a wholly owned subsidiary of Sainsbury's.

In January 2024, Sainsbury’s announced its intention to phase out its banking division.[8] In June 2024, it was announced the credit cards, loans and savings accounts had been acquired by NatWest in a deal due for completion by March 2025. The Sainsbury's Bank brand, its cash machines, insurance and travel money businesses were not included.[9][10]

Services

The bank provides a range of financial products including travel money, insurance, credit cards, savings and loans, having withdrawn from the mortgage market in 2019.[11] It is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. Sainsbury's Bank products are linked to the Nectar reward scheme and can be applied for online or by telephone.

Finances

In the 2019-20 financial year,[12] the bank had an income of £323 million, customer deposits of £6.3 billion, and total assets of £9.4 billion.

References

  1. ^ "Sainsbury's Bank". www.scotbanks.org.uk. Retrieved 15 July 2024.
  2. ^ "Sainsbury's Bank plc -Annual Report and Financial Statements for the year ended 31 December 2013" (PDF). Sainsbury's.
  3. ^ "Sainsbury's Bank". www.scotbanks.org.uk. Retrieved 15 July 2024.
  4. ^ "Jobs & Careers | About Sainsbury's Bank". Sainsbury's Bank. Retrieved 25 August 2020.
  5. ^ "Sinsbury's Bank plc". Companies House. Retrieved 25 August 2020.
  6. ^ "Interim Results for the 28 weeks to 21 September 2019" (PDF). Sainsbury's. 7 November 2019.
  7. ^ "Sainsbury's takes full control of its bank". BBC News. 8 May 2013. Retrieved 25 August 2020.
  8. ^ "Sainsbury's to wind down bank as it focuses on food". BBC News. 18 January 2024. Retrieved 20 January 2024.
  9. ^ NatWest to buy Sainsbury's banking arm BBC News 20 June 2024
  10. ^ "Sainsbury's sells banking arm to NatWest". Sky News. Retrieved 20 June 2024.
  11. ^ "Sainsbury's Bank withdraws from mortgage market". Mortgage Introducer. 25 September 2019. Retrieved 25 August 2020.
  12. ^ "Sainsbury's Bank plc - Annual Report and Financial Statements for the year ended 29 February 2020" (PDF). Sainsbury's.

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