NatWest has agreed to acquire Sainsbury's banking business in a significant consolidation move among British lenders. The deal involves the transfer of approximately £2.5 billion in assets and liabilities, including £1.4 billion of unsecured loans, £1.1 billion of credit card balances, and £2.6 billion of customer deposits. This acquisition will see NatWest take over 1 million customer accounts from Sainsbury's Bank. The transaction is valued at £125 million. Sainsbury's Bank, which serves 1.8 million customers, is expected to benefit from the stability and resources of NatWest. Additionally, the owners of the Sainsbury Bank Tier 2 bond with a massive coupon of 10.5% will see early returns.
NatWest to buy most of Sainsbury’s Bank https://t.co/QrWE8N8Wfo
Christmas comes early for the owners of the Sainsbury Bank Tier 2 bond with a massive coupon of 10.5% as Natwest just announced they're buying Sainsbury’s retail banking unit.
NatWest to buy Sainsbury's banking arm https://t.co/7rIiJy4NV6
NatWest to buy most of Sainsbury’s Bank https://t.co/qUFjcKjLlU
NatWest to acquire ~£2.5bn of assets & liabilities of Sainsbury Bank for £125m £1.4bn of unsecured loans £1.1bn of credit card balances £2.6bn of customer deposits 1m customer accounts $NWG $SBRY https://t.co/yzHlnIqqYZ
NatWest agrees to acquire Sainsbury's banking business, the latest sign of consolidation among British lenders https://t.co/X8loSf84EN
BREAKING: Sainsbury's has struck a deal to sell its banking business to NatWest Read more ⬇️ https://t.co/UJqOVsNch9
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