Sainsbury's Bank
Encyclopedia
Sainsbury's Bank, now trading as Sainsbury's Finance, is a 50:50 joint venture between J Sainsbury (a leading UK food retailer) and Bank of Scotland
(a subsidiary of Lloyds Banking Group
). Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. It operates under its own banking license issued by the FSA
, separate from Bank of Scotland and Lloyds Banking Group.
Sainsbury’s Bank provides a range of financial products including insurance, credit cards, savings and loans. Customers can apply for products online or over the phone. Sainsbury's Bank products are linked to the Nectar reward scheme.
Sainsbury's Bank has over 1.5 million active customers with deposits in excess of £6 billion.
Bank of Scotland
The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the second oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to...
(a subsidiary of Lloyds Banking Group
Lloyds Banking Group
Lloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited . The Group headquarters is located at 25 Gresham Street in London, with...
). Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. It operates under its own banking license issued by the FSA
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
, separate from Bank of Scotland and Lloyds Banking Group.
Sainsbury’s Bank provides a range of financial products including insurance, credit cards, savings and loans. Customers can apply for products online or over the phone. Sainsbury's Bank products are linked to the Nectar reward scheme.
Sainsbury's Bank has over 1.5 million active customers with deposits in excess of £6 billion.