Saga to build a ‘new superbrand’ Aramco-backed fintech opens bank in London

JESS JONES

ARAMCO has backed American fintech Wahed as it launches a physical bank in London. However, concerns of a high street bank exodus place question marks over the branch’s future success.

Wahed’s first UK-based physical bank, which opened its doors yesterday on Baker Street, has scored £61m ($75m) from the Saudi Arabian oil giant together with French football star Paul Pogba.

The halal investing platform, as Wahed describes itself, which allows customers to invest in halal equity funds, Islamic bonds and gold, is targeting the UK’s 3.9m Muslims.

SAGA is set to launch a new over-50s media brand, the conglomerate’s chief executive told City A.M., as the company looks to capitalise on the UK’s ageing population.

The company, which sells travel, insurance and financial services to over50s, is seeking to exploit a “gap in the market” and build a “superbrand for older people” by overhauling its media business to capture advertising revenues from firms looking to sell to older customers, Saga boss Euan Sutherland said.

The launch of the new ‘Exceptional’ website sits in line with the firm’s push to become a “capital light” business, Sutherland said, as it looks to reduce its £721m debt pile by selling off its underwriting arm.

The new media plan will see the company adapt its Saga Magazine print product for the digital age with a view to capitalising on the wealth of data the firm has on its 10m over-50s customers.

Launched in the 1980s, the magazine has grown to become one of the UK’s top five most read monthly magazines.

But it now aims to make its magazine profitable in its own right by expanding sponsorship, endorsement and affiliate deals through the launch of its new website, boosting its social media presence and releasing a newsletter for travel, insurance and cruise customers.

Sutherland explained that over-50s own half the UK’s wealth but only 20 per cent of UK advertising spending is targeted towards this age group.

The chief exec’s comments come as the over-50s conglomerate yesterday said it is on track to meet its financial goals.

While online-only banks like Revolut and Monzo have taken off in the UK, Wahed founder Junaid Wahedna says this model does not appeal to Muslims who want to see a “physical presence” before trusting a bank with their money.

It comes as declining footfall has seen other UK banks leave the high street in droves, with HSBC set to close over 100 branches this year while Halifax and Lloyds are also shrinking their physical presence.

ALAN JONES

AMAZON workers are staging their first-ever strike in the UK in a dispute over pay.

Members of the GMB at the company’s fulfilment centre in Coventry voted to walk out today in protest against a pay rise the union said is worth 50p an hour.

Stuart Richards, GMB senior organiser, said: “Today, Amazon workers in Coventry will make history.

“They’ve defied the odds to become the first ever Amazon workers in the UK to go on strike.

“They’re taking on one of the world’s biggest companies to fight for a decent standard of living.

“They should be rightly proud of themselves.

“After six months of ignoring all requests to listen to workers’ concerns,

GMB urges Amazon UK bosses to do the right thing and give workers a proper pay rise.”

An Amazon spokesperson said: “A tiny proportion of our workforce are involved.

“In fact, according to the verified figures, only a fraction of one per cent of our UK employees voted in the ballot – and that includes those who voted against industrial action.

“We appreciate the great work our teams do throughout the year and we’re proud to offer competitive pay which starts at a minimum of between £10.50 and £11.45 per hour, depending on location.

“This represents a 29 per cent increase in the minimum hourly wage paid to Amazon employees since 2018. Employees are also offered comprehensive benefits worth thousands.”