Sainsbury's previously announced that it is in the process of pulling out of the banking industry to focus on its retail business
Sainsbury's has made agreement to sell a significant part of its banking sector to NatWest, with the banking giant set to take on roughly one million of its customers.
The decision follows Sainsbury's announcement in January that it was in the process of pulling out of the banking industry to allow more focus on their retail business. Earlier this year, Tesco also took a similar route by selling off most of its banking activities to Barclays in a transaction worth £600 million.
Sainsbury's made clear that there will not be any immediate alternations to the terms and conditions of its current banking customers, reassuring them they "do not need to take any action". Simon Roberts, Sainsbury's chief executive, said: "Today's news means we will focus all our time and resources going forward on growing our core retail business."
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