LONDON (dpa-AFX) - Sainsbury (J) Plc (JSAIY.PK, SBRY.L) said on Thursday that it has signed a deal for the sale of Sainsbury's Bank Plc's personal loan, credit card, and retail deposit portfolios, together the 'Core Banking Business' to NatWest Group Plc (NWG NWG.L).
The sale does not include Argos Financial Services, insurance, ATMs, and travel money of the seller.
The financial terms of the transaction, expected to be completed in the first half of calendar year 2025, are not known.
Simon Roberts, Sainsbury's CEO said: 'Today's news means we will focus all our time and resources going forward on growing our core retail business, delivering great quality and value, week in week out.'
Post transaction, Sainsbury's Bank is expected to return excess capital of at least 250 million pounds to Sainsbury's.
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