Sainsbury’s bids adieu to banking, cherishing new adventures ahead.

1 min read

Sainsbury’s has announced plans to exit the banking business, following a strategic review of its banking arm. The company is considering several options for its exit from banking, stating that financial services products in the future will be provided by dedicated financial services providers through a distributed model. There will be no immediate changes to the products or services provided to customers. Sainsbury’s has been considering an exit from the banking business for several years and received offers for the division in 2020. The move follows a trend of banks based inside supermarkets becoming increasingly rare, with in-store branches closing at a rate that is seven times higher than other branches due to customers embracing online and mobile banking. Another UK grocery giant, Tesco, is also looking to sell its bank.

Previous Story

Are Banks Prepared for the American Payments Revolution?

Next Story

FinAGG Technologies secures $11M funding in co-led Series A round.

Latest from News