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Sainsbury(J) PLC (SBRY)

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Tuesday 11 June, 2019

Sainsbury(J) PLC

J Sainsbury plc Management Update

RNS Number : 7425B
Sainsbury(J) PLC
11 June 2019
 

11 June 2019

 

J SAINSBURY PLC MANAGEMENT UPDATE

 

J Sainsbury plc ('Sainsbury's') has appointed Jim Brown as Chief Executive Officer ('CEO') of Sainsbury's Bank, subject to regulatory approval.

 

Jim will join as CEO Designate on 19th June and will work with Peter Griffiths for a short period of handover.

 

Jim worked for Royal Bank of Scotland PLC ('RBS') from 2015-2017 as Chief Executive of Williams and Glyn; was Chief Executive of Ulster Bank Group from 2011-2015; and Chief Executive of Retail and Commercial Markets, Asia for RBS Asia from 2005-2011. 

 

Mike Coupe, CEO of Sainsbury's, said:

"Jim has a wealth of experience and a strong track record of leading banks through significant change, which will help him lead Sainsbury's Bank through the next stage of its journey. I am delighted to welcome Jim to the Sainsbury's management team."

 

Jim Brown said: 

"I'm really excited to be joining Sainsbury's, which has a very strong brand and is well trusted by its customers. The combination of Sainsbury's, Argos and Nectar, along with Sainsbury's Bank, provides a real and unique opportunity to offer customers easy access to digitally-led financial services. I have been impressed by everyone I have met so far and am very much looking forward to joining the team."

 

Sainsbury's Bank increased customers by five per cent to two million and Argos Financial Services increased customer numbers by six per cent to two million in the 2018/19 financial year. 74 per cent of Sainsbury's Bank customers have a Nectar card and benefit from Nectar points across a range of products. Financial services operating profits decreased to £31 million.

 

Sainsbury's Bank is focused on improving its digital offer to help customers access information and manage their finances in real time. 

 

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Sainsbury's

Sainsbury's commitment to helping customers live well for less has been at the heart of what we do since 1869. Today that means making our customers' lives better and easier every day by offering great quality and service at fair prices across food, clothing, general merchandise and financial services, whenever and wherever they want to shop.

 

As our customers' lives change, so will our business. Sainsbury's acquired Argos and Habitat on 2 September 2016, creating one of the UK's leading retailers. We have a growing online and digital business with fast, convenient delivery capability and a store network of 600 Sainsbury's supermarkets, over 800 convenience stores and almost 900 Argos stores in both stand-alone and supermarket locations. The iconic Habitat furniture and home furnishings brand is available online and from 16 locations across the UK.  

 

We acquired the Nectar loyalty programme in February 2018, enabling us to know and reward our customers better.

 

Our vision is to be the most trusted retailer where people love to work and shop. We employ 178,000 colleagues who, together with our strong culture and values, are integral to achieving this vision and driving our success - now and in the future.

 

Sainsbury's Bank

Sainsbury's was the first major supermarket to open a bank in the UK in February 1997.  Our range of financial products includes mortgages, credit cards, savings and loans, as well as travel money, and car, home, pet, travel and life insurance which we provide online and by telephone.  We offer Sainsbury's shoppers great deals and rewards for choosing to shop and bank with us.

 

We have travel money bureaux at various Sainsbury's supermarkets across the UK and a large ATM estate.

 

Sainsbury's Bank plc. Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514). Sainsbury's Bank plc is covered by the Financial Services Compensation Scheme (FSCS).


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