Sainsbury’s Bank Review | Sainsbury’s Bank online
Sainsbury’s Bank plc is wholly owned by Sainsbury’s, the second largest chain of supermarkets in the United Kingdom. Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997.
Sainsbury’s bank is the result of a joint-venture between Sainsbury’s supermarket and Bank of Scotland (now part of the Lloyds Banking Group), however from the 1st of February 2014, the Sainsbury’s took full ownership of the Sainsbury’s bank.
For Sainsbury’s Bank online, click here or visit www.sainsburysbank.co.uk
The Bank has more than 180 Travel Money bureaux at Sainsbury’s stores across the UK and more than 1500 free to use ATMs which saw over 236 million transactions in 2014.
As of February 2016, the bank total asset was worth £ 4.499 Billion. The bank is headquartered in Edinburgh, Scotland.
- Products and Services
- Mergers and Acquisitions
- Bank’s Website
History of Sainsbury’s Bank
Sainsbury’s Bank was the first Supermarket Bank in the UK. It opened for business on the 19th of February 1997. The bank was a joint venture between J Sainsbury plc and Bank of Scotland (later to become a subsidiary of Lloyds Banking Group).
The venture has attracted over 1.25 million customers with deposits in excess 1.6 billion and advances, including undrawn commitments, of 1.5 billion. On 8 May 2013, Sainsbury’s announced it would buy the 50% share in the business owned by Lloyds Banking Group.
The transfer was completed on 31 January 2014, and Sainsbury’s Bank became a wholly owned subsidiary of J Sainsbury plc.
Sainsbury’s Bank plc is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Register no. 184514). Sainsbury’s Supermarkets Ltd is an appointed representative of Sainsbury’s Bank plc.
The bank is covered by the Financial Services Compensation Scheme (FSCS).
Products and Services of Sainsbury’s Bank
Sainsbury’s Bank plc provides various retail banking and related financial services in the United Kingdom.
It offers savings accounts; home improvement, car, and other loan products; credit cards; car, home, pet, life, and travel insurance products; foreign exchange, prepaid cards, and money transfer; and online banking services. The company offers its products through telephone and ATMs, as well as Online. It operates 180 Travel Money bureaux at Sainsbury’s stores; and approximately 1500 ATMs.
Deals and Acquisitions by Sainsbury’s Bank
- 2013 – Sainsbury’s paid Lloyds Banking Group £248m for the remaining 50% of Sainsbury’s Bank it does not already own, thereby gaining full control of Sainsbury’s Bank Plc
- 2016 – Sainsbury’s bank acquires Home Retail Group Plc – the owner of Argos and Habitat.
Bank’s Website | Sainsbury’s Bank online