Sainsbury's Bank plc, trading as Sainsbury's Bank, is a British bank wholly owned by
Sainsbury's
J Sainsbury plc, trading as Sainsbury's, is the second largest chain of supermarkets in the United Kingdom, with a 14.6% share of UK supermarket sales.
Founded in 1869 by John James Sainsbury with a shop in Drury Lane, London, the company wa ...
, a national
supermarket
A supermarket is a self-service Retail#Types of outlets, shop offering a wide variety of food, Drink, beverages and Household goods, household products, organized into sections. This kind of store is larger and has a wider selection than earli ...
chain in the
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...
. The bank began trading on 19 February 1997 as a
joint venture
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...
between J Sainsbury plc and
Bank of Scotland
The Bank of Scotland plc (Scottish Gaelic: ''Banca na h-Alba'') is a commercial and clearing bank based in Scotland and is part of the Lloyds Banking Group, following the Bank of Scotland's implosion in 2008. The bank was established by th ...
.
Sainsbury's
J Sainsbury plc, trading as Sainsbury's, is the second largest chain of supermarkets in the United Kingdom, with a 14.6% share of UK supermarket sales.
Founded in 1869 by John James Sainsbury with a shop in Drury Lane, London, the company wa ...
took full ownership of the bank in January 2014.
The bank's head office is located in
Edinburgh
Edinburgh ( ; gd, Dùn Èideann ) is the capital city of Scotland and one of its 32 Council areas of Scotland, council areas. Historically part of the county of Midlothian (interchangeably Edinburghshire before 1921), it is located in Lothian ...
, Scotland and its registered office in
London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
, England. In 2017 it had over 2.1 million active customers.
History
Sainsbury's and
Bank of Scotland
The Bank of Scotland plc (Scottish Gaelic: ''Banca na h-Alba'') is a commercial and clearing bank based in Scotland and is part of the Lloyds Banking Group, following the Bank of Scotland's implosion in 2008. The bank was established by th ...
(later a subsidiary of
Lloyds Banking Group
Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Ban ...
) formed the bank as a joint venture, and it received a full banking licence from the
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...
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. 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. It is authorised by the
Prudential Regulation Authority and regulated by both the
Financial Conduct Authority
The Financial Conduct Authority (FCA) is a financial regulation, financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The ...
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,
the bank had an income of £323 million, customer deposits of £6.3 billion, and total assets of £9.4 billion.
References
External links
*
{{Commercial and retail banks in the United Kingdom
Banks of Scotland
Banks of the United Kingdom
Supermarket banks
Banks established in 1997
Sainsbury's
Companies based in Edinburgh