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Sainsbury’s exits UK retail banking, partners with NatWest
The supermarket’s banking assets were acquired by NatWest, with account ownership transferred in May 2025 and the transition completed on July 1, 2026.
Sainsbury’s has surrendered its UK banking licence and rebranded its financial services unit as Sainsbury’s Money, shifting away from operating as an independent retail bank, according to Retail Banker International via Yahoo Finance.
Under the new partner-led model, Sainsbury’s banking assets were acquired by NatWest, while Nectar credit cards, savings accounts, and personal loans are distributed under the Sainsbury’s brand with NatWest providing the underlying banking infrastructure and product management.
The company began its withdrawal from banking in January 2024 after concluding that stricter regulation, higher capital requirements, and tougher competition made it harder to compete with the UK’s largest banks.
Sainsbury’s Money became fully effective after the legal transfer of customer account ownership to NatWest in May 2025, and the structural transformation was officially completed on July 1, 2026, the outlet said.