Finance
Sainsbury’s Is Latest Retailer to Ditch Banking in NatWest Deal
- Deal gives NatWest more scale in credit cards, personal loans
- Grocer joins rival Tesco in doubling down on core business
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J Sainsbury Plc agreed to offload its banking business to NatWest Group Plc, the latest sign that the world’s biggest grocers have failed to break the stranglehold that traditional lenders have on financial services.
Britain’s second-largest grocer spent months trying to dispose of the division and ultimately agreed to pay NatWest £125 million ($159 million) to take the portfolio of unsecured personal loans, credit cards balances and deposits off its hands.