Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

NatWest to Acquire Sainsbury’s Banking Operations

by June 20, 2024
June 20, 2024
NatWest to Acquire Sainsbury’s Banking Operations

NatWest is set to acquire the primary banking operations of Sainsbury’s, marking the supermarket chain’s exit from the financial sector to concentrate on its food business.

The deal includes Sainsbury’s Bank’s credit cards, loans, and savings accounts, but excludes the Sainsbury’s Bank brand, cash machines, insurance, and travel money services. Sainsbury’s assured customers that there will be no immediate changes, and no action is required from them.

Sainsbury’s has committed to a consultation process to redeploy employees at risk of job loss, though NatWest is not automatically inheriting these employees. A Sainsbury’s spokeswoman stated that both parties are dedicated to exploring employment opportunities within NatWest, but the number of affected employees was not disclosed.

NatWest will acquire approximately one million customer accounts through this deal, expected to be finalised by the end of March next year. The acquisition includes £1.4 billion in unsecured personal loans, £1.1 billion in credit card balances, and £2.6 billion in customer deposits.

Sainsbury’s Bank was initially a joint venture with the Bank of Scotland in 1997, with Sainsbury’s taking full ownership in 2014. However, in January, Sainsbury’s announced plans to wind down its banking operations to focus on its core food retail business.

This move follows a similar exit by Tesco from the banking sector. In February, Tesco sold its retail banking operations to Barclays for £600 million. Barclays acquired Tesco Bank’s credit cards, loans, and savings accounts and agreed to market Tesco-branded banking services.

Read more:
NatWest to Acquire Sainsbury’s Banking Operations

0
FacebookTwitterGoogle +Pinterest
previous post
How can businesses best walk the green walk?
next post
Bank of England Hints at Potential Interest Rate Cut in August

You may also like

Behind the wheel: How car insurance works for...

August 7, 2023

Trinny London secures £15m growth funding to fuel...

September 23, 2024

Four Reasons CFOs Must Prioritize Email Security

June 20, 2023

Finalists revealed for Isle of Man Innovation Challenge...

April 4, 2025

Frustrated SMEs screaming for fresh cash struggle to...

November 14, 2022

The Role of Commodity Exchanges in Oil Trading

January 17, 2024

Government ministers set to take role in trade...

March 10, 2023

Vodafone faces £120 million franchisee legal battle over...

December 10, 2024

Biggest rail strike of the year set to...

September 29, 2022

Bank of England expected to hold interest rates...

March 20, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rand Paul says he would support ‘big, beautiful bill’ if debt ceiling hike removed

      June 1, 2025
    • Kevin Hassett ‘very, very confident’ courts will back Trump’s tariffs amid legal setback

      June 1, 2025
    • Senate Republicans eye changes to Trump’s megabill after House win

      June 1, 2025
    • Trump shares post saying Biden was executed, replaced with clones

      June 1, 2025
    • House Dems’ campaign chair says her party’s ‘on offense’ in 2026 battle to win back majority from GOP

      June 1, 2025
    • Trump warns Rand Paul he’s playing into ‘hands of the Democrats’ with ‘Big, Beautiful Bill’ opposition

      June 1, 2025

    Categories

    • Business (8,105)
    • Investing (2,000)
    • Politics (15,458)
    • Stocks (3,119)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved