 | |
| Formerly | Aitken Limited |
|---|---|
| Company type | Subsidiary |
| Founded | 12 November 1996; 29 years ago (1996-11-12) |
| Founder | Bank of Scotland Sainsbury's |
| Headquarters | |
Key people | Robert Mulhall (chief executive) |
| Products | Financial services |
| Parent | Sainsbury's |
| Website | sainsburysbank |
Sainsbury's Bank plc is a British bank wholly owned bySainsbury's. The bank began trading on 19 February 1997 as ajoint venture between Sainsbury's andBank of Scotland. Sainsbury's took full ownership of the bank in January 2014.[2]
The bank's head office is located inEdinburgh, Scotland,[1] and its registered office inLondon, England.[3][4] In 2017 it had over 2.1 million active customers.[5]
Sainsbury's andBank of Scotland (later a subsidiary ofLloyds Banking Group) formed the bank as a joint venture, and it received a full banking licence from theBank 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.[6] 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.[7] In June 2024, it was announced the credit cards, loans and savings accounts were to be acquired byNatWest. The Sainsbury's Bank brand, its cash machines, insurance and travel money businesses were not included.[8][9] On 16 April 2025 the High Court approved the transfer of accounts to NatWest, which took legal effect on 1 May 2025, though the accounts will continue to be serviced by Sainsbury's Bank until being moved to NatWest systems - which is expected to complete by the end of 2025.[10][11]
On 30 July 2025, it was announced that the company's Travel Money bureau de change business had been sold to Irish financial services firmFexco.[12][13]
On 30 July 2025, it was announced that the company’s existing home and car insurance business would be transferred toAllianz through its group subsidiaryLiverpool Victoria on 30 November 2025 and that Sainsbury’s would withdraw from the market.[14]
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bank provides a range of financial products including travel money, insurance, credit cards, savings and loans, having withdrawn from the mortgage market in 2019.[15] It is authorised by thePrudential Regulation Authority and regulated by both theFinancial Conduct Authority and the Prudential Regulation Authority. Sainsbury's Bank products are linked to theNectar reward scheme and can be applied for online or by telephone.
In the 2019-20 financial year,[16] the bank had an income of £323 million, customer deposits of £6.3 billion, and total assets of £9.4 billion.
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