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Sainsbury’s Bank Announces Appointment Of Ceo And Strengthens Its Management Team

06 November 2012

Sainsbury’s Bank is delighted to announce today the appointment of Peter Griffiths as Chief Executive Officer effective from 19 November 2012.

Peter was previously CEO of Principality Building Society where, during a decade in charge of the mutual, he grew the business from the 13th largest Building Society in the UK to the seventh, increasing assets from £2.2 billion to £6.4 billion.

In 2010 Peter was awarded an OBE in recognition of his support for the Financial Services Industry.  Peter was chair of the Building Societies Association in 2011-12.

Prior to Principality, Peter gained a wide range of operational experience from a number of senior roles including Chief Operating Officer of Morgan Chambers Plc, a boutique consultancy and Head of Commercial Services at NatWest Group IT.

Peter joins the Bank at an exciting phase of its growth; with the business enjoying four consecutive years of profit growth.  In the second quarter of this year (16 weeks to the 29 September, 2012) the supermarket bank delivered another strong performance with total new business volumes up by 37% year on year.

Further to Peter’s arrival, Hannah Bernard, who has led the Bank as Interim CEO since March this year, will be appointed to the newly created role of Deputy Chief Executive Officer. Hannah will be responsible for Products and Marketing combined into a new Commercial Function as well as Finance.

In addition, the Bank also announces today that Steve Burke has been appointed Chief Operating Officer.  Steve joins from his current role as the Chief Operating Officer at Diligenta, part of Tata Consultancy Services, the global IT, consulting, services and business process outsourcing organisation.

Darren Shapland, Chairman of Sainsbury’s Bank, said:  “We are delighted that Peter is joining Sainsbury’s Bank.  We believe his breadth and depth of experience and exceptional track record will be an asset to us as we continue forward with our growth plans and commitment to giving the Sainsbury’s shopper a compelling reason to bank as well as shop with us. Hannah’s new role and the appointment of Steve will further strengthen the management team”

Peter Griffiths said: “It is an exciting time to be joining Sainsbury’s Bank and I am looking forward to working with Hannah and the team to help drive further growth.  We have a unique proposition for the Sainsbury’s shopper and a massive opportunity with 22 million customers shopping in Sainsbury’s stores every week.”

ENDSFor further information:

Sainsbury’s Bank
Phil Anderson      Natasha Virtue
0207 282 1031    0131 338 2974
Notes to Editors

Sainsbury’s Bank

Sainsbury’s Bank continues to see strong sales against a challenging economic background. In the second quarter (16 weeks to the 29 September, 2012) it reported:

• Total Lending & Insurance new business volumes for second quarter up by 37% year on year
• Active Accounts up by 10% year on year

The supermarket bank’s commitment to the provision of value and quality as well as Nectar rewards for the Sainsbury’s shopper continues to give customers a compelling reason to choose Sainsbury’s for both their family’s banking and grocery needs.

About the Bank:

Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury’s Bank provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times.  Our products consistently top Best Buy tables and regularly win awards for quality, price and service.

This year, Sainsbury’s Bank has been awarded ‘Best Term Assurance Provider Direct’ – Moneyfacts Investment Life & Pensions; ‘Best Personal Loan Provider’ – Consumer Moneyfacts; ‘Best Low Rate Credit Card Provider’ – Moneynet; ‘Best Credit Card for use abroad (Gold)’ – Moneynet; ‘Best Loan Provider’ – Moneysupermarket Supers; ‘Pet Insurance Intelligent Choice, Customer Satisfaction’ – Consumer Intelligence; ‘Best Personal Loan Provider’ – Moneyfacts; ‘Best Direct Personal Loan Provider’ – Your Money Direct; ‘Best Online Pet Insurance Provider’ – Your Money Direct; ‘Best Loans Rate’ – Moneynet.

Sainsbury’s Bank is a joint venture between J Sainsbury plc and Lloyds Banking Group.

For further information and general Sainsbury’s Bank enquiries customers can call the freephone number on 0500 40 50 60 or visit www.sainsburysbank.co.uk