Sainsbury’s has struck a deal to sell its banking business to NatWest.

The agreement could see NatWest take on around one million customer accounts, as well as £1.4bn of unsecured personal loans, £1.1bn of credit card balances and £2.6bn of customer deposits.

The deal is expected to be completed in the first half of 2025.

Sainsbury’s said customers would “not need to take any action” and there would be no immediate changes to its terms and conditions.

It comes after the supermarket giant announced in January it was winding down its banking division to focus on the retail side of its business.

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