REG - Sainsbury(J) PLC - Strategic review of Financial Services division

J SainsburyAnnouncement

18/01/2024 07:00

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RNS Number : 0593A  Sainsbury(J) PLC  18 January 2024

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."

 

Enquiries

  Investor Relations      Media
  James Collins           Rebecca Reilly
  +44 (0) 7801 813 074    +44 (0) 20 7695 7295

Tim Fallowfield, Company Secretary and Corporate Services Director, was
responsible for the disclosure of this announcement.

 

 

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