Overview

• Sainsbury's has announced plans to gradually exit its banking business, focusing instead on its core food and retail operations.
• The supermarket giant is exploring several options for its exit, including outsourcing its banking services to other financial providers.
• Sainsbury's Bank currently serves 1.9 million customers, offering loans, credit cards, and savings accounts.
• There will be no immediate changes to the products or services provided to customers.
• The move is part of Sainsbury's 'Food First' strategy, aimed at cutting costs within the business to invest more in areas such as lowering food prices.