Negative
20Serious
Neutral
Optimistic
Positive
- Total News Sources
- 4
- Left
- 1
- Center
- 2
- Right
- 1
- Unrated
- 0
- Last Updated
- 45 days ago
- Bias Distribution
- 50% Center
Sainsbury’s is selling its banking business to NatWest for £2.5 billion, including £1.1 billion in credit card balances, £1.4 billion in unsecured personal loans, and £2.6 billion in customer deposits. This divestment, aligned with Sainsbury's strategy to focus on its core food business, follows similar moves by other supermarkets like Tesco and M&S. NatWest CEO Paul Thwaite stated the acquisition will enhance NatWest’s credit card and unsecured lending operations. The transaction, adding around one million customer accounts, is expected to complete in early 2025. Sainsbury’s will retain its commission-income businesses such as insurance and travel money and plans to return £250 million of excess capital to shareholders. This deal contributes to the ongoing consolidation in the UK banking sector, driven by higher interest rates and increased profitability.
- Total News Sources
- 4
- Left
- 1
- Center
- 2
- Right
- 1
- Unrated
- 0
- Last Updated
- 45 days ago
- Bias Distribution
- 50% Center
Negative
20Serious
Neutral
Optimistic
Positive
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