Sainsbury’s Bank doubles its workforce

Tim Wallace
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SAINSBURY’S hired 500 more workers yesterday as it expands its foreign currency operations through its banking arm.

The expansion of its deal with forex provider Travelex will more than double its workforce, which currently stands at 400.

Those staff had previously worked in the supermarket’s bureaux, and are being transferred over under the five-year agreement.

The announcement came as the retailer opened its 150th currency bureau, and said it planned to open another 28 this year.

“Travel Money is a key part of our growth strategy and we’re delighted to be able to offer the convenience of competitively priced travel money in our supermarkets,” said Sainsbury’s Bank’s chief executive Peter Griffiths.

“Our unique Nectar offering, that rewards the Sainsbury’s customer, has seen around 85 per cent of our travel money customers receive a special rate as well as Nectar points.”

The bank is also planning to install a cash point that dispenses foreign currency, beginning with a site on Tottenham Court Road.

Sainsbury’s Bank’s deal with Travelex covers more than 50 currencies, with euros and US dollars the most popular.

So far this year, sales of Mexican peso are up 49 per cent and those of Croatian kuna are up 55 per cent.

The supermarket is facing competition from Tesco Bank, which earlier this month launched its first current accounts.