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.