Sainsbury's has officially completed the transformation of its banking business, with Sainsbury's Bank no longer operating as a bank. The supermarket giant has launched Sainsbury's Money, a new financial services brand that will offer customers a range of financial products through specialist partners rather than running its own retail bank.
End of an Era for Sainsbury's Bank
Following the transfer of customers to new providers, Sainsbury's Bank has given up its banking permissions and is no longer authorised as a bank by the Prudential Regulation Authority (PRA). The move marks the end of a years-long overhaul of the company's financial services business.
Despite the change, shoppers will still be able to access familiar financial products through both the Sainsbury's and Argos brands. Insurance and credit products carrying the Sainsbury's name will now be available through the new Sainsbury's Money brand, while travel money services will continue through external partners. Argos customers will also continue to have access to credit and insurance products through the retailer's financial services offering, including Argos Pay and Argos Care.
New Structure and Focus
The business said all Sainsbury's and Argos financial products will now be managed by Sainsbury's Financial Services Ltd. The new structure allows the company to focus on offering straightforward financial services alongside its grocery business. The retailer said the new approach is designed around three key areas: helping customers protect what matters, giving them access to credit when needed, and rewarding them through the Nectar loyalty scheme.
Bláthnaid Bergin, Sainsbury's Chief Financial Officer, 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." She added: "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."
Strategic Deals and Customer Transfers
The launch follows several major deals over the past two years. Sainsbury's sold its core banking business to NatWest in 2024, transferred its ATM network to NoteMachine, sold the Argos Card portfolio to NewDay, partnered with Allianz UK for insurance products, and handed its travel money business to Fexco. The supermarket said all customer transfers have now been completed successfully, with services continuing throughout the transition.
Bergin concluded: "We're proud of how we've supported customers through this transition, and excited about the role Sainsbury's Money will play in the future."
