Sainsbury’s receives ‘preliminary expressions of interest’ in acquiring bank

Sainsbury's receives 'preliminary expressions of interest' in acquiring bank

The Sainsbury’s Group has said it has received “preliminary expressions of interest” from rivals interested in acquiring the Edinburgh-based Sainsbury’s Bank.

The bank was established as a joint venture between Sainsbury’s and Bank of Scotland in 1997 but has been wholly-owned by Sainsbury’s since 2014.

NatWest Group, formerly known as RBS Group, is among the banking groups eyeing the potential acquisition of the bank, Sky News reported last week.

In a statement, Sainsbury’s said: “We set out a clear five-year plan for Sainsbury’s Bank at our capital markets day in September 2019 and confirmed this plan as part of our interim results and strategy update on 5 November 2020.

“We are on track to deliver that plan despite the impact of Covid-19 and expect to deliver a profit in the second half of this financial year.

“We have received some very preliminary expressions of interest in the bank, but this does not mean anything will come of these discussions. Our management team remains focused on delivering the plan.”

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