J Sainsbury plc (GB:SBRY) has released an update.
J Sainsbury plc has agreed to sell its core banking business, including personal loan, credit card, and deposit portfolios, to NatWest Group, with completion expected in the first half of 2025. This deal excludes Sainsbury’s commission income businesses and Argos Financial Services, with plans for the latter to be announced later. Following the divestiture, Sainsbury’s anticipates returning at least £250 million in excess capital to shareholders.
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