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Sainsbury's to phase out banking division, focus on retail

EditorRachael Rajan
Published 01/18/2024, 10:05 AM
Updated 01/18/2024, 10:05 AM
© Reuters.

LONDON - Sainsbury's, the UK's second-largest supermarket chain, has declared its intention to shut down its banking operations, concentrating instead on its primary retail business. The company conveyed that Robert Mulhall is poised to assume the leadership role from Jim Brown by the end of March, guiding the transition.

In a strategic shift, Sainsbury's has decided not to sell its banking unit, a notion it had entertained back in 2020, but to phase it out entirely. The move comes after the recent divestiture of its mortgage portfolio to Co-operative Bank, signaling a step back from financial services.

As part of this change, Sainsbury's is set to offer a detailed update on February 7 regarding the exit strategy from its banking division. The forthcoming announcement will outline the planned process for the closure and measures to maintain uninterrupted customer services during the transition period.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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