Sainsbury's Bank
Parent Sainsbury's (2014–present) | | |
Website | sainsburysbank |
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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]
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bank provides a range of financial products including travel money, insurance, credit cards, savings and loans, having withdrawn from the mortgage market in 2019.
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.