History
Sainsbury's and Bank of Scotland (later a subsidiary of Lloyds Banking Group) formed the bank as a joint venture, and it received a full banking licence from the Bank of England in January 1997. It launched on 19 February 1997.
On 8 May 2013, Sainsbury's announced it would buy the 50% share in the business owned by Lloyds Banking Group. [6] The transfer was completed on 31 January 2014, and Sainsbury's Bank became a wholly owned subsidiary of Sainsbury's.
In January 2024, Sainsbury’s announced its intention to phase out its banking division. [7] In June 2024, it was announced the credit cards, loans and savings accounts were to be acquired by NatWest. The Sainsbury's Bank brand, its cash machines, insurance and travel money businesses were not included. [8] [9] On 16 April 2025 the High Court approved the transfer of accounts to NatWest, which took legal effect on 1 May 2025, though the accounts will continue to be serviced by Sainsbury's Bank until being moved to NatWest systems - which is expected to complete by the end of 2025. [10] [11]
On 30 July 2025, it was announced that the company's Travel Money bureau de change business had been sold to Irish financial services firm Fexco. [12] [13]
On 30 July 2025, it was announced that the company’s existing home and car insurance business would be transferred to Allianz through its group subsidiary Liverpool Victoria on 30 November 2025 and that Sainsbury’s would withdraw from the market. [14]
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