Sainsbury’s Bank has joined forces with Western Union to offer money transfer services in 170 of the food retailer’s stores across the UK.
The supermarket chain has been ramping up its presence in financial services since taking full control of its banking arm last year, in a bid to boost profits and expand its reach amid falling grocery sales.
The deal announced yesterday will see Sainsbury’s provide Western Union’s services in around 170 Sainsbury’s Bank travel money bureaus within its supermarkets.
Simon Taylor of Sainsbury’s Bank said: “Our new relationship with Western Union means we can address our customers’ needs to provide a reliable transfer of money overseas, while delivering great service and the convenience of doing it when they are instore doing their shopping.”
The grocer has been seeking ways to fill excess space within its stores and lure shoppers back into its supermarkets. It has signed concession deals with Jessops and Argos, as well as dedicating more space to clothing and opening money bureaus.
The bank reported a 17 per cent rise in operating profit last year, to £62m, while the number of active accounts held by customers has now reached 1.7m, up six per cent.