 | |
| Formerly | Aitken Limited (1996–1997)[1] |
|---|---|
| Company type | Subsidiary |
| Founded | 12 November 1996 |
| Headquarters |
|
Key people | Jim Brown (CEO) |
| Products | Financial services |
| Parent | Sainsbury's (2014–present) |
| Website | sainsburysbank |
Sainsbury's Bank plc is a British bank wholly owned by Sainsbury's, a national supermarket chain in the United Kingdom. The bank began trading on 19 February 1997 as a joint venture between J Sainsbury plc 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 and its registered office in London, England.[3][4] In 2017 it had over 2.1 million active customers.[5]
On 18 January 2024, Sainsbury’s announced its intention to “phase out” its banking division but has not provided a timetable for this.[6]
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Sainsbury's Bank Travel Money Advert July 2016
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How to register to the portal
Transcription
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 J Sainsbury plc.
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bank provides a range of financial products including travel money, insurance, credit cards, savings and loans, having withdrawn from the mortgage market in 2019.[8] It is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the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,[9] the bank had an income of £323 million, customer deposits of £6.3 billion, and total assets of £9.4 billion.
References
- ^ a b "Sainsbury's Bank plc overview - Find and update company information - GOV.UK". Companies House. 12 November 1996. Retrieved 14 February 2024.
- ^ "Sainsbury's Bank plc -Annual Report and Financial Statements for the year ended 31 December 2013" (PDF). Sainsbury's.
- ^ "Jobs & Careers | About Sainsbury's Bank". www.sainsburysbank.co.uk. Retrieved 25 August 2020.
- ^ "SAINSBURY'S BANK PLC - Overview (free company information from Companies House)". beta.companieshouse.gov.uk. Retrieved 25 August 2020.
- ^ "Interim Results for the 28 weeks to 21 September 2019" (PDF). Sainsbury's. 7 November 2019.
- ^ "Sainsbury's to wind down bank as it focuses on food". BBC News. 18 January 2024. Retrieved 20 January 2024.
- ^ "Sainsbury's takes full control of its bank". BBC News. 8 May 2013. Retrieved 25 August 2020.
- ^ "Sainsbury's Bank withdraws from mortgage market". Mortgage Introducer. 25 September 2019. Retrieved 25 August 2020.
- ^ "Sainsbury's Bank plc - Annual Report and Financial Statements for the year ended 29 February 2020" (PDF). Sainsbury's.
External links
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| Past | |
| Notes | |
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This page was last edited on 14 February 2024, at 22:14