Sainsbury's Bank
{{Short description|Bank of the United Kingdom}}
{{Use dmy dates|date=January 2024}}
{{Use British English|date=January 2024}}
{{Infobox company
| name = Sainsbury's Bank plc
| logo = Sainsbury's Bank.png
| former_name = Aitken Limited
| type = Subsidiary
| foundation = {{Start date and age|1996|11|12|df=y}}
| founder = Bank of Scotland
Sainsbury's
| location = {{Ubl
| Edinburgh, Scotland (Head office){{cite web |title=Sainsbury's Bank |url=https://www.scotbanks.org.uk/members/sainsbury-s-bank.html |website=www.scotbanks.org.uk |access-date=15 July 2024}}
| London, England (Registered office)
}}
| key_people = Robert Mulhall (Chief Executive)
| industry =
| products = Financial services
| parent = Sainsbury's
| subsid =
| homepage = {{URL|https://sainsburysbank.co.uk}}
| footnotes = }}
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.{{cite web |url=https://www.about.sainsburys.co.uk/~/media/Files/S/Sainsburys/documents/reports-and-presentations/2014/sainsburys-bank-annual-report-13-14.pdf |title=Sainsbury's Bank plc -Annual Report and Financial Statements for the year ended 31 December 2013|website=Sainsbury's}}
The bank's head office is located in Edinburgh, Scotland,{{cite web |title=Sainsbury's Bank |url=https://www.scotbanks.org.uk/members/sainsbury-s-bank.html |website=www.scotbanks.org.uk |access-date=15 July 2024}} and its registered office in London, England.{{cite web|url=https://www.sainsburysbank.co.uk/jobs/aboutus|title=Jobs & Careers | About Sainsbury's Bank|website=Sainsbury's Bank|access-date=25 August 2020}}{{cite web|url=https://beta.companieshouse.gov.uk/company/03279730|title=Sinsbury's Bank plc|website=Companies House|access-date=25 August 2020}} In 2017 it had over 2.1 million active customers.{{cite web|url=https://www.about.sainsburys.co.uk/~/media/Files/S/Sainsburys/documents/reports-and-presentations/2019/Interims%201920%20RNS.pdf|title=Interim Results for the 28 weeks to 21 September 2019|website=Sainsbury's|date=7 November 2019}}
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.{{cite news|url=https://www.bbc.co.uk/news/uk-scotland-scotland-business-22447811|title=Sainsbury's takes full control of its bank|date=8 May 2013|access-date=25 August 2020|work=BBC News}} 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.{{cite news |date=18 January 2024 |title=Sainsbury's to wind down bank as it focuses on food |url=https://www.bbc.com/news/business-68016628 |accessdate=20 January 2024 |website=BBC News}} In June 2024, it was announced the credit cards, loans and savings accounts were to be acquired by NatWest. The Sainsbury's Bank brand, its cash machines, insurance and travel money businesses were not included.[https://www.bbc.com/news/articles/czqqzlw0159o NatWest to buy Sainsbury's banking arm] BBC News 20 June 2024{{Cite web |title=Sainsbury's sells banking arm to NatWest |url=https://news.sky.com/story/sainsburys-sells-banking-arm-to-natwest-13155858 |access-date=2024-06-20 |website=Sky News|language=en}} On 16 April 2025 the High Court approved the transfer of accounts to NatWest, which would take legal effect on 1 May 2025, though the accounts would continue to be serviced by Sainsbury's Bank until being moved to NatWest systems.{{Cite web |title=Transfer Scheme {{!}} Sainsbury’s Bank |url=https://www.sainsburysbank.co.uk/transfer-scheme |url-status=live |archive-url=https://web.archive.org/web/20250418094749/https://www.sainsburysbank.co.uk/transfer-scheme |archive-date=2025-04-18 |access-date=2025-04-18 |website=www.sainsburysbank.co.uk |language=en}}{{Cite web |last=Abbott |first=Christian |date=2025-04-16 |title=1.8 million customers with major bank face being transferred to NatWest |url=https://www.birminghammail.co.uk/news/cost-of-living/18-million-customers-major-bank-31439218 |access-date=2025-04-18 |website=Birmingham Live |language=en}}
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.{{cite web|url=https://www.mortgageintroducer.com/sainsburys-bank-withdraws-from-mortgage-market/|title=Sainsbury's Bank withdraws from mortgage market|date=25 September 2019|website=Mortgage Introducer|access-date=25 August 2020}} 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,{{cite web|url=https://www.about.sainsburys.co.uk/~/media/Files/S/Sainsburys/documents/reports-and-presentations/annual-reports/2020/Sainsburys_Bank_AR20.pdf|title=Sainsbury's Bank plc - Annual Report and Financial Statements for the year ended 29 February 2020 |website=Sainsbury's}} the bank had an income of £323 million, customer deposits of £6.3 billion, and total assets of £9.4 billion.
References
{{reflist}}
External links
{{Portal|Banks}}
- {{official website|https://www.sainsburysbank.co.uk}}
{{Sainsbury's}}
{{Scottish banks}}
{{Commercial and retail banks in the United Kingdom}}
Category:Banks established in 1997
Category:Banks of the United Kingdom