NatWest Acquires Sainsbury's Banking Operations
The acquisition will add 1 million customer accounts and bolster NatWest's retail banking assets.
- NatWest will take on £1.4 billion in personal loans, £1.1 billion in credit card balances, and £2.6 billion in customer deposits.
- Sainsbury's will focus on its core retail business, retaining its insurance, ATMs, and travel money operations.
- The deal is expected to close by March 2025, with NatWest receiving a £125 million payment from Sainsbury's.
- This acquisition follows a similar move by Barclays, which bought Tesco's banking operations earlier this year.
- The transaction aligns with NatWest's strategy to expand its presence in the retail banking sector.
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