Edinburgh-based Sainsbury’s Bank names former RBS executive as new chair

Edinburgh-based Sainsbury’s Bank has named a former RBS executive as its new chairman.

Sainsbury’s Bank began more than two decades ago as a joint venture between the retailer and Bank of Scotland before Sainsbury’s took full ownership in 2014.

Lesley Jones will replace outgoing chairman Roger Davis, who in February informed the board of his intention to step down. Jones’ appointment is effective from 30 January.

She has more than 35 years’ experience in banking and was group chief credit officer at RBS between 2008 and 2014. Prior to that, Jones worked at Citigroup where she held a range of senior roles in relationship and risk management over a period of 30 years. She currently holds non-executive directorships at N Brown and Close Brothers Group.

Last month, Sainsbury’s Bank, which began more than two decades ago as a joint venture between the retailer and Bank of Scotland before Sainsbury’s took full ownership in 2014, said it had been the target of “some very preliminary” approaches, but stressed that nothing concrete had emerged.

Martin Scicluna, chairman of Sainsbury’s, which also owns Argos, said: “I am delighted to welcome Lesley as chair of the Sainsbury’s Bank board. Her extensive experience in banking will be highly valuable to us as we work to deliver the five-year plan we set out at our capital markets day in September 2019.

“On behalf of the board, I would like to thank Roger for his stewardship over the past seven years.”

Jones added: “I am delighted to be joining Sainsbury’s, whose reputation as a values-led business attracted me to the role. I look forward to working with the Sainsbury’s Bank management team and to being part of the wider Sainsbury’s business.”

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