NatWest Group, one of the largest banks in the U.K., has announced its acquisition of the banking business of Sainsbury’s, the second-largest grocer in the country. The deal, worth £2.5 billion ($3.2 billion), will increase NatWest’s…
Sainsbury’s is selling its core banking business to NatWest for an undisclosed sum, as part of its plan to focus on retail, and said it would return £250 million of excess capital to shareholders.
NatWest will take on £1.4billion of unsecured personal loans, £1.1billion of credit card balances and about £2.6billion of customer deposits from NatWest when the deal completes next year
Sainsbury's is to sell its banking business to NatWest and agreement could see NatWest take on around one million customer accounts, as well as £1.4bn of unsecured personal loans.
Supermarket giant Sainsbury's has offloaded the bulk of its banking business to NatWest in a deal that will see the lending giant take on around another million customer accounts.