Replacement for Griffiths
Ex-RBS high flyer to take top job at Sainsbury’s Bank
Sainsbury’s Bank is based at the Gyle business park
A former Royal Bank of Scotland (RBS) executive, hired to undertake a top job that proved short-lived, is to become the next CEO of Edinburgh-based Sainsbury’s Bank.
Jim Brown ran RBS’s Ulster Bank business before being appointed in 2015 as chief executive of the proposed spin-off bank Williams & Glyn.
However, the disposal of more than 300 branches under the revived brand, ordered by the EU as a condition of RBS’s 2008 bailout, never happened and he left the the RBS group. He will replace Peter Griffiths who has run Sainsbury’s Bank since 2012.
A stock exchange announcement is expected on Tuesday that he will be hired by the grocer for its financial services business, according to Sky News. Sainsbury’s Bank increased customers by 5% to two million and Argos Financial Services increased customer numbers by 6% to two million in the 2018/19 financial year. Three-quarters (74%) of Sainsbury’s Bank customers have a Nectar card and benefit from Nectar points across a range of products. Financial services operating profits decreased to £31 million.
UPDATE 11 June: Sainsbury’s confirmed the appointment of Mr Brown in a statement. He takes up his new role on 19 June.
.Mike Coupe, CEO of Sainsbury’s, said: “Jim has a wealth of experience and a strong track record of leading banks through significant change, which will help him lead Sainsbury’s Bank through the next stage of its journey. I am delighted to welcome Jim to the Sainsbury’s management team.”
Mr Brown said: “I’m really excited to be joining Sainsbury’s, which has a very strong brand and is well trusted by its customers. The combination of Sainsbury’s, Argos and Nectar, along with Sainsbury’s Bank, provides a real and unique opportunity to offer customers easy access to digitally-led financial services. I have been impressed by everyone I have met so far and am very much looking forward to joining the team.”
Sainsbury’s Bank is focused on improving its digital offer to help customers access information and manage their finances in real time.