J Sainsbury plc (GB:SBRY) has released an update.
J Sainsbury PLC has announced the sale of its core banking business, including personal loans, credit cards, and retail deposits, to NatWest Group, with completion expected in the first half of 2025. This sale excludes Sainsbury’s Bank’s insurance and travel money services, as well as Argos Financial Services, with plans for these segments to be detailed later. The company anticipates returning a minimum of £250 million in excess capital to shareholders following the transition.
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