Sainsbury’s Completes Banking Exit With Sainsbury’s Money Launch | ESM Magazine
UK retailer Sainsbury’s has launched its new financial services brand, Sainsbury’s Money, completing its transformation from a bank to a partner-led financial services provider. Supported. . .
UK retailer Sainsbury’s has launched its new financial services brand, Sainsbury’s Money, completing its transformation from a bank to a partner-led financial services provider. Supported bySainsbury’sFinancial Services Ltd, the new brand will offer a range of financial products, itadded. Sainsbury’s Bank is no longer authorised by the Prudential Regulation Authority (PRA) and has ceased banking operations, with customers transferred to specialist partners. The retailer noted that customers will continue to be able to access financial products through the Sainsbury’s andArgosbrands. Partner-Led BrandSainsbury’s highlighted that the new brand will continue to offerfinancial servicesto customers, including rewards through its Nectarloyalty scheme. Sainsbury’s-branded credit and insurance products will also be available throughSainsbury’s Money. Argos-branded credit and insurance products will be distributed through Argos Pay and Argos Care, while Sainsbury’s Travel Money will be provided through partnerships. Bláthnaid Bergin, chief financial officer at Sainsbury’s, said, “This transition means we’re now able to focus all our time and resources going forward on growing our core retail business, delivering great quality and value, week in, week out. “This is an important step forward for Sainsbury’s. “We’ve moved from being a bank to a financial services provider that works with specialist partners to bring our customers simple, great-value products that fit around how they live and shop. ”Financial Services TransformationSince 2024, Sainsbury’s has been carrying out a programme to transform its financial service business. The retailer agreed to sell itscore banking products to UK bank NatWestin June 2024. In April 2026, Sainsbury’s entered into an agreement with NatWest to deliver a Nectar credit card, as well as instant-access savings and unsecured personal loans. Its ATM business was also sold to ATM operator Note Machine, owned by the Brink’s Company, in 2024. The deal included a partnership for the ongoing provision of ATM services. In October 2024, Sainsbury’s sold its Argos Financial Services card portfolio to financial services firm NewDay Group, while its travel money business was transferred to Irish financial services group Fexco in February 2026. Partnering with Allianz UK in 2025, the retailer offers replacement car and home insurance policies to existing customers.