Sainsbury’s sells banking arm to NatWest

Business

Sainsbury’s has struck a deal to sell its banking business to NatWest.

The agreement could see NatWest take on around one million customer accounts, as well as £1.4bn of unsecured personal loans, £1.1bn of credit card balances and £2.6bn of customer deposits.

The deal is expected to be completed in the first half of 2025.

Sainsbury’s said customers would “not need to take any action” and there would be no immediate changes to its terms and conditions.

It comes after the supermarket giant announced in January it was winding down its banking division to focus on the retail side of its business.

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.

Articles You May Like

TalkTalk owners set for bondholder summit over £200m capital injection
Father and daughter, 2, killed after pram carrying twins rolls into path of train – in front of horrified mother
UK economy to grow faster than expected but short of Labour pledge, IMF says
Who will pay for the worst IT outage the world has seen?
Here’s who wants Biden to go and what they’re saying