Sainsbury’s replaces bank with new financial services brand

Sainsbury’s has completed the transformation of its banking business, officially replacing Sainsbury’s Bank with a new financial services brand, Sainsbury’s Money.

The supermarket giant announced the launch of Sainsbury’s Money as part of a shift away from operating a retail bank, instead offering financial products through specialist partner organisations.

As part of the transition, Sainsbury’s Bank has ceased operating as a bank and no longer holds banking permissions.

Customers will continue to have access to products including insurance, credit and travel money through the new brand and a network of partner providers.

The move marks the final stage of a multi-year overhaul of Sainsbury’s financial services operations, which has included the sale and transfer of several banking, credit, insurance and travel money businesses to external partners.

Sainsbury’s said the new model will allow it to focus on providing simple, trusted financial products while concentrating investment on its core retail operations.

Chief Financial Officer Bláthnaid Bergin described the launch as an important milestone, saying the company can now dedicate its resources to growing its retail business while continuing to support customers with financial services through specialist providers.