Sainsbury’s Bank has appointed Jim Brown as Chief Executive Officer (CEO) of its banking unit as it looks to build its online presence. Brown will take over the reins at from outgoing chief executive Peter Griffiths, who has plans to retire at the end of this year.
Brown joins from RBS, he has previously held roles at Williams and Glyn and Ulster Bank.
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.”
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.”
The bank handles Sainsbury’s Bank customers, as well as Argos Financial Services and Nectar. 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.