Following five years of consecutive profit growth and a 20% year on year increase in colleague numbers, Sainsbury’s Bank is moving its office to a new building in Edinburgh. The new office, which is circa 83,000 sq ft in size, is located at Lochside Avenue, Edinburgh Park. It will move to the new premises at the end of 2014.
Sainsbury’s Bank has entered an exciting phase in its history following the announcement earlier this year that J Sainsbury plc will purchase Lloyds Banking Group’s 50 per cent share of the business. This is the latest development in Sainsbury’s overall strategy to grow sales and profits from complementary new business channels.
Peter Griffiths, Sainsbury’s Bank Chief Executive said: “These are exciting times for the Bank and today’s announcement that we are moving to new, bigger and better premises is just the latest development. We have been delivering strong, sustainable growth over the past few years, and as we enter a new phase in our history, it is appropriate that we have new offices that can support our growth plans.
“We have a loyal and talented workforce and remain committed to keeping our office in Edinburgh where the employment market for financial services is very strong.”
The new building will provide the Bank with ample space in which to grow and innovate as it continues to build on its strategy to offer the 23 million weekly Sainsbury’s shoppers a better deal and service.
Sainsbury’s Bank provides consistently great deals and rewards, enabling customers to benefit from quality financial products which offer good value while also saving them money every time they shop in Sainsbury’s. Through the Bank’s Nectar reward scheme, customers taking out qualifying products could earn double Nectar points on their Sainsbury’s shopping, therefore rewarding them every time they shop in-store or online(1).
The Bank grew its customer accounts by 8% last year to 1.5 million and currently employs over 350 colleagues. It increased its colleague numbers by 20% in 2012 and it anticipates a similar rate of growth by the end of 2013.
Sainsbury’s Bank’s office is currently in Haston House, South Gyle, West Edinburgh. The Bank is actively recruiting and those interested should visit www.sainsburysbank.co.uk/jobs
For further information, please contact:
Phil Anderson, Citigate Dewe Rogerson, 020 7282 1031
Natasha Virtue, Sainsbury’s Bank, 0131 338 2974
Notes to editors:
The Bank’s profit before tax was £59 million in 2012/13, with a three year profit before tax compound annual growth rate of 40%.
(1) Terms and conditions apply, see sainsburysbank.co.uk/nectar for full information. Customers must swipe their Nectar card at the till to gain double points.
To view our latest press releases and product information, please visit the Sainsbury’s Bank online media centre at www.sainsburysbank.co.uk/media
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.
So far in 2013, the Bank has been awarded ‘Personal Loan Provider of the Year’ – Consumer Moneyfacts, ‘Best Loan Provider’ – Money Supermarket Supers and ‘Best Credit Card for Rewards’ – Moneynet.
Sainsbury’s Bank has its own banking licence, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514), except for Credit Cards and Loans where it is licensed by the Office of Fair Trading (OFT) license no. 421897. The Bank has an independent membership to the Financial Services Compensation Scheme.