Thursday 18 January 2024 7:06 am
Sainsbury’s will undertake a “phased withdrawal” from its banking efforts, the supermarket giant confirmed this morning.
Sainsbury’s will undertake a “phased withdrawal” from its banking efforts, the supermarket giant confirmed this morning.
The grocer said after a strategic review it had been decided that all financial products offered in future would be provided by third parties – similar to the model it uses for its insurance providers.
Sainsbury’s Bank chief Jim Brown will step down from his role, to be replaced by former AIB exec Robert Mulhall.
The bank offloaded its £400m-plus mortgage book to Co-op Bank last summer.
Simon Roberts, Sainsbury’s CEO, said this morning: “We have been clear since we launched our Food First strategy in 2020 that we would concentrate our efforts on our core retail businesses and today’s announcement reflects that strategic focus.
“It’s business as usual for now at Sainsbury’s Bank and there will be no immediate changes to products and services as a result of today’s announcement. We will of course communicate directly to customers well in advance of any changes to their products and services.”
The supermarket said that there is no immediate changes for customers products and services.
It comes as the group s enjoyed a buoyant Christmas, fuelled largely by food sales but general merchandise sales disappointed.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CityAM – https://www.cityam.com/sainsburys-to-shutter-banking-division-in-food-first-strategy-push/
