Sainsbury’s plans changes to banking arm

September 09, 2019 | Mortages
Written by FinTech Alliance
Sainsbury’s plans changes to banking arm

The grocery giant is looking to overhaul its banking business which currently makes a loss.

In Brief:

  • This is part of a wider rethink of the supermarket’s business model following the failed Asda merger.

  • The firm will meet with investors in two weeks.

  • Sainsbury’s Bank made £34mn statutory loss last year.

What does this mean?The banking arm, originally an alternative to the high street lenders, has been hit by increasing competition in the mortgage space and digital challenger banks. It might look to sell off its mortgage portfolio as Tesco did last week.

Read more here.

 

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