Last checked at 18 Jan 2024 07:00
18 January 2024
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Strategic review of Financial Services division, Sainsbury's Bank Directorate Change
Ahead of our February 7th Strategy update, we have completed a strategic review of our Financial Services division.
In order to improve the financial services offered to our customers and consistent with the clear focus on our retail businesses, we are exploring a number of options.
Financial services products that we continue to offer in the future will be provided by dedicated financial services providers through a distributed model. We already do this successfully with our insurance products.
Over time this will result in a phased withdrawal from our core Banking business.
There will be no immediate changes to the products or services that we provide to customers as a result of this decision.
Jim Brown will retire from his role as CEO of Sainsbury's Bank and we have appointed Robert Mulhall as his successor. Robert is an experienced retail banking leader with a strong track record of delivering successful transformation. Until 2022 Robert was the CEO of Allied Irish Bank's (AIB) UK division, having previously led AIB's Irish retail banking division. Since 2022, Robert has led the global financial services consulting business of VISION Consulting, focused on business transformation. Robert will take up the role as CEO of Sainsbury's Bank at the end of March after a period of handover. Robert's appointment is subject to regulatory approval.
Simon Roberts, Chief Executive Officer, J Sainsbury plc:
"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."
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Tim Fallowfield, Company Secretary and Corporate Services Director, was responsible for the disclosure of this announcement.