Sainsbury's Bank

Sainsbury's Bank plc, trading as Sainsbury's Bank, 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.[1]

Sainsbury's Bank plc
Sainsbury's Bank
TypePublic limited
FoundedFebruary 19, 1997 (1997-02-19)
Headquarters
Key people
Jim Brown (CEO)
ProductsFinancial services
ParentSainsbury's (J Sainsbury PLC)
Websitewww.sainsburysbank.co.uk

The bank's head office is located in Edinburgh, Scotland and its registered office in London, England.[2][3] In 2017 it had over 2.1 million active customers.[4]

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.[5] 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bank provides a range of financial products including travel money, insurance, credit cards, savings and loans, having withdrawn from the mortgage market in 2019.[6] It is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the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,[7] the bank had an income of £323 million, customer deposits of £6.3 million, and total assets of £9.4 billion.

References
  1. https://www.about.sainsburys.co.uk/~/media/Files/S/Sainsburys/documents/reports-and-presentations/2014/sainsburys-bank-annual-report-13-14.pdf
  2. "Jobs & Careers | About Sainsbury's Bank". www.sainsburysbank.co.uk. Retrieved 25 August 2020.
  3. "SAINSBURY'S BANK PLC - Overview (free company information from Companies House)". beta.companieshouse.gov.uk. Retrieved 25 August 2020.
  4. https://www.about.sainsburys.co.uk/~/media/Files/S/Sainsburys/documents/reports-and-presentations/2019/Interims%201920%20RNS.pdf
  5. "Sainsbury's takes full control of its bank". BBC News. 8 May 2013. Retrieved 25 August 2020.
  6. "Sainsbury's Bank withdraws from mortgage market". Mortgage Introducer. 25 September 2019. Retrieved 25 August 2020.
  7. Sainsbury’s Bank plc Annual Report and Financial Statements for the year ended 29 February 2020 https://www.about.sainsburys.co.uk/~/media/Files/S/Sainsburys/documents/reports-and-presentations/annual-reports/2020/Sainsburys_Bank_AR20.pdf
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.