Sainsbury’s Surrenders Banking Licence As UK Supermarket Lenders Retreat To Partnership Model
Sainsbury’s has given up its UK banking licence and rebranded its financial services division under the name Sainsbury’s Money, marking a significant strategic retreat. Rather than continuing as an independent retail bank, the supermarket has shifted to a partner-led model in which NatWest has acquired its core banking assets. Sainsbury’s first entered banking in 1997,…