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NatWest is to buy the main banking business of Sainsbury’s as the supermarket chain withdraws from the sector in order to focus on food.
Under the deal, NatWest will take on the credit cards, loans and savings accounts of Sainsbury’s Bank.
However, it is not buying the Sainsbury’s Bank brand, or its cash machines, insurance or travel money businesses.
Customers will see no immediate change as a result of the deal, the two companies said.
Sainsbury’s said it would seek to redeploy employees at risk of losing their jobs as part of a consultation process.
The supermarket had said in January that it planned to wind down its banking division as it continues to focus on its core food business.
The deal is expected to complete at the end of next year.
Sainsbury’s Bank started as a joint venture with the Bank of Scotland in 1997, before Sainsbury’s took full ownership in 2014.
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