Sainsbury’s Bank says goodbye to finance, ready for new opportunities

The latest news from Sainsbury’s Bank is that they are open to receiving offers as the retailer plans to exit the finance industry. While there will be no immediate changes to its products or services, the company is exploring options for the bank after a strategic review revealed that it could be a distraction from its core food and retail operations. Sainsbury’s is considering a range of options, including selling the bank or winding down the business if necessary. The supermarket group had considered selling the bank during the pandemic but failed to strike a deal, prompting its exit from the mortgage market and the transfer of its loan customers to the Co-operative Bank. If Sainsbury’s continues to offer financial services in the future, it will do so as a distributor, offering white-label financial products from other banks under the Sainsbury’s brand. The bank has appointed a new CEO, Robert Mulhall, who will take up the role in March. Sainsbury’s also announced that its head of non-food, Paula Nickolds, will be leaving to become the CEO of The White Company in April. The supermarket is downsizing its executive team in light of Nickolds’ departure.