Sainsbury’s Bank, a British bank wholly owned by Sainsbury’s, is reportedly planning to enter into mortgage business and create new jobs in technology, risk, treasury, compliance and audit departments.

The move by Sainsbury’s Bank came after it formally separated from joint venture partnership with Lloyds.

Sainsbury’s Bank CEO, Peter Griffiths, was quoted by The Scotsman as saying that the payroll at the Edinburgh-based bank would rise this year from 400 to 480 and that its move across the Gyle business park to Lochside would take place earlier than planned.

"Mortgages are natural bedfellows for us at some stage," Griffiths added.

"We have to do something with the savings we have, and mortgages become an attractive option."

Sainsbury’s Bank has £3.5bn deposits and 1.5 million accounts, which represent 5% of the group’s 23 million customers.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.