Sainsbury's has announced plans for a phased withdrawal from its core banking business.
The retailer said that financial products that it continues to offer in the future will be delivered by financial services providers via a distributed model.
The supermarket chain already uses this format for its insurance products.
The company, which announced a strategy to focus on its retail business a number of years ago, said that there would be no immediate changes to products or services as a result of its decision.
Jim Brown will retire from his role as chief executive of Sainsbury's Bank, with Robert Mulhall taking over at the end of March.
Mulhall, who has previously worked as chief executive of Allied Irish Bank's (AIB) UK division, has been leading the global financial services consulting business of VISION Consulting since 2022.
"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," said Simon Roberts, chief executive, J Sainsbury. "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."
Latest News
-
HSBC launches payments management tool for businesses planning international growth
-
HSBC sustainability chief quits amid strategic shifts
-
MPs publish damning report calling FCA 'incompetent' and 'dishonest'
-
BNY introduces new buy-side platform
-
HSBC rolls out new BNPL service to OVO customers
-
Revolut reveals 2025 vision featuring AI assistant, mortgages, and ATMs
The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.
Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.
Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.
From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories