NatWest RBS said to be eyeing Sainsbury’s Bank
Sainsbury’s Bank is headquartered at the Gyle
NatWest RBS is said to be considering a move for Edinburgh-based Sainsbury’s Bank which the supermarket chain has put up for sale.
A number of institutions are said to be looking at acquiring part or all of Sainsbury’s banking interests following group boss Simon Roberts asking the company’s financial adviser UBS to look at its options.
The bank is eroding profits and consuming cash and Mr Roberts is said to be keen on taking the group back to its grocery roots.
However, a sale of its mortgage book is believed to be more likely than an outright sale, according to Sky News.
A move by NatWest Group, still known as RBS in Scotland, would represent its biggest corporate move since it was rescued by the government in a £45bn bailout in 2008.
Supermarket banks are still battling to make headway against the traditional high street giants and now face competition from a new generation of digital banks which are mopping up younger customers.