NatWest Group to acquire Sainsbury’s Bank

UK-based banking group NatWest Group has entered into an agreement to acquire the banking business of supermarket group Sainsbury’s.

The deal includes approximately £2.5bn of customer assets, comprising £1.4bn in unsecured loans and £1.1bn in credit card balances, along with £2.6bn in customer deposits.

Sainsbury’s Bank will transfer around one million customer accounts to NatWest Group.

Excluded from the transaction are Sainsbury’s Bank’s operational infrastructure and commission income businesses, such as ATMs, insurance and travel money, and Argos Financial Services.

Subject to regulatory approval, the transaction is expected to close in the first half of 2025.