New risk chief at Sainsbury’s Bank

Sainsbury’s Bank has appointed a chief risk officer following the supermarket’s decision earlier this year to take full control of the business.

Mark Mullington, who previously carried out the same role at ING Direct UK, will relocate from London to take up his post with the Edinburgh-based lender, created as a joint venture with Bank of Scotland 16 years ago.

The current risk chief, John Galloway, has been in the role for more than eight years and will take up the newly-created post of deputy chief risk officer, reporting to Mullington.

Sainsbury’s announced in May that it would buy out joint venture partner Lloyds Banking Group, which owns Bank of Scotland, for £248m, taking control of the unit. The deal is expected to be completed in January.