Sainsbury (J) PLC has announced a strategic review of its Financial Services division, with a focus on improving the financial services offered to customers and aligning with the company's retail businesses. The review aims to explore various options, including a phased withdrawal from the core Banking business, while continuing to provide financial services products through dedicated providers in a distributed model. This decision will not immediately impact the products or services offered to customers.
As part of this transition, Jim Brown will retire from his role as CEO of Sainsbury's Bank, and Robert Mulhall has been appointed as his successor. Robert brings extensive experience in retail banking leadership and successful business transformation, having previously served as the CEO of Allied Irish Bank's UK division and led AIB's Irish retail banking division. His appointment is subject to regulatory approval, and he will assume the role at the end of March after a period of handover.
Simon Roberts, Chief Executive Officer of J Sainsbury plc, emphasized the company's commitment to concentrating efforts on core retail businesses, stating that it will be "business as usual" for Sainsbury's Bank for the time being, with no immediate changes to products and services. He assured that customers will be informed well in advance of any changes to their products and services.
The company's upcoming Strategy update on February 7th is expected to provide further insights into the future direction of Sainsbury's Bank and its alignment with the overall business strategy. For any inquiries, the company has provided contact information for Investor Relations and Media.