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NatWest to Acquire Sainsbury's Bank

Tuesday 25th June, 2024

NatWest has announced its plans to acquire the retail banking assets and liabilities of Sainsbury’s banking arm and add nearly one million customer accounts.

On top of acquiring the retail banking assets and liabilities of Sainsbury’s banking businesses, which include outstanding credit cards, unsecured personal loans, and savings accounts, NatWest is set to purchase GBP 2.5 billion of gross customer assets. NatWest’s scale and financial services capabilities aim to ensure that Sainsbury’s' existing financial services customers can receive an enhanced customer experience. 

The sale is expected to return excess capital of at least £250 million to Sainsbury’s once the phased withdrawal from its Core Banking Business has been completed and the future model for Argos Financial Services is in place. Sainsbury’s intends to return this capital to shareholders.

The deal is expected to be completed by the end of March 2025, with Sainsbury’s' banking arm being set to pay out GBP 125 million to NatWest and GBP 250 million to Sainsbury’s as part of the transaction.

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