Sainsbury's Bank
Sainsbury's Bank, which began trading in February 1997, is a 50:50 joint venture between HBoS and Sainsbury's. Prior to February 2007, the ownership structure was 55% (Sainsbury's) and 45% (HBOS). The change in ownership followed a business review carried out by both parties. Both partners believed that the new 50:50 joint venture underlined the shared commitment each has to the long term growth of the business.
Sainsbury's Bank provides a range of financial products including insurance, credit cards, savings and loans. Sainsbury's Bank has access to over 16 million customers per week through the 780 Sainsbury's stores across the UK.
Board Structure
The Board of Sainsbury's Bank will comprise eight directors - three directors from both HBOS and Sainsbury's and two executives from Sainsbury's Bank.
Benny Higgins, HBOS Retail chief executive, was to be chairman for the first two years. Darren Shapland, chief financial officer at J Sainsbury's, will then assume the role[1].
Notes
- ^ HBoS Plc HBoS acquires additional 5% shareholding in Sainsbury's Bank, last accessed 21/03/07
