Sainsbury’s announced the appointment of a former Royal Bank of Scotland (RBS) executive as head of its banking unit.
The UK’s second largest supermarket unveiled Jim Brown as chief executive of its bank.
Brown is set to assume the role on 19th of June, following a short handover with his predecessor, Peter Griffiths.
Alongside RBS, Brown also headed Williams and Glyn and Ulster Bank Group. The appointment is subject to regulatory approval.
Mike Coupe, chief executive of the supermarket, commented on the appointment:
“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.”
Meanwhile, Jim Brown added:
“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.”
Sainsbury’s was dealt a blow earlier this year after the Competitions and Markets Authority (CMA) blocked a proposed £7.3 billion merger between the supermarket and rival Asda.
If the deal had gone ahead, it would have seen the creation of the UK’s largest supermarket, surpassing Tesco.
Shares in the supermarket (LON:SBRY) are broadly flat, trading down 0.40% as of 10:56AM (GMT).
