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Sainsbury’s Bank appoints new CEO to lead digitally-led financial services

Sainsbury’s has appointed former Royal Bank of Scotland exec, Jim Brown, as CEO of Sainsbury’s Bank. Brown will join as CEO designate on 19 June and will work with existing CEO Peter Griffiths who has plans to retired at the end of this year.

Brown will be tasked on improving the bank’s digital offering to enable customers to access and manage their finances in real time. Sainsbury’s Bank customers increased by 5% to 2 million in the last financial year, while Argos Financial Services customers increased 6% to 2 million. Meanwhile, financial services operating profits decreased to £31 million.

Brown said: “I’m really excited to be joining Sainsbury’s, which has a very strong brand and is well trusted by its customers. The combination of Sainsbury’s, Argos and Nectar, along with Sainsbury’s Bank, provides a real and unique opportunity to offer customers easy access to digitally-led financial services. I have been impressed by everyone I have met so far and am very much looking forward to joining the team.”

As well as working at RBS, Brown was also the boss of both Williams and Glyn and Ulster Bank.

Mike Coupe, CEO of Sainsbury’s, added: “Jim has a wealth of experience and a strong track record of leading banks through significant change, which will help him lead Sainsbury’s Bank through the next stage of its journey. I am delighted to welcome Jim to the Sainsbury’s management team.”