Launched 20 years ago, Sainsbury’s Bank has 1.95m active customers with mortgage balances approaching £1 billion.
Sainsbury’s Bank offers car and home insurance, foreign currency and credit card products. The division made underlying profit of £16m in the last half-year, a fall of 53%, on a 7% rise in underlying revenue of £272m.
The group is currently undergoing a number of big strategic moves, the biggest of which is its proposed £15bn merger with rival Asda which is subject to a competition inquiry.
It is also seeking to use ownership of the Nectar customer loyalty programme to build the bank’s market share, according to Sky News.
A spokesman for Sainsbury’s said: “We can confirm that we are in the early stages of succession planning for Peter Griffiths, CEO of Sainsbury’s Bank, who plans to retire in 2020.”