FIS (FIS) announced that Sainsbury's Bank will outsource its retail banking operations to the bank technology company. FIS said it will provide real-time core banking and back-office processing support to Sainsbury's.
The bank, established in 1997, was the first supermarket bank in the UK. It is a 50-50 joint venture between Sainsbury's and Lloyds Banking Group and counts 1.5 million customers.
Sainsbury's, which confirmed Wednesday its intention to acquire Lloyds' 50% share in the bank, said FIS will provide transition support as the bank moves its back-office services from Lloyds Banking Group to FIS. FIS will assist the bank's deposit, savings, loan and credit card accounts and channel integration.
"Introducing our new technology partner is a major step forward in our evolution as we become a wholly owned bank," said Peter Griffiths, CEO of Sainsbury's Bank, in a release.
FIS counts more than 14,000 institutions in over 100 countries as its clients.
