UK retailer Sainsbury’s to offload banking business to NatWest
Sainsbury's will sell the majority of its banking division to NatWest. The assets to be taken over by the UK lender include £1.4 billion (€1.6 billion) in unsecured personal loans, £1.1 billion (€1.3 billion) in credit card balances and about £2.6 billion (€3 billion) of customer deposits. The deal will boost NatWest's customer numbers by about one million, supporting its strategy to move further into retail banking. Sainsbury's Bank brand, its ATMs, insurance and travel money businesses are not part of the agreement. Neither is Argos Financial Services. Commenting on the decision, Sainsbury's...