Sainsbury's to Gradually Exit Banking Business

Supermarket giant explores outsourcing options as it refocuses on core food and retail operations

Sainsbury's has announced plans to gradually exit its banking business, focusing instead on its core food and retail operations.
The supermarket giant is exploring several options for its exit, including outsourcing its banking services to other financial providers.
Sainsbury's Bank currently serves 1.9 million customers, offering loans, credit cards, and savings accounts.
There will be no immediate changes to the products or services provided to customers.
The move is part of Sainsbury's 'Food First' strategy, aimed at cutting costs within the business to invest more in areas such as lowering food prices.