Loading...
Market
Story
NatWest to Acquire Sainsbury's Banking Business in £125 Million Deal, Serving 1.8 Million Customers
Jun 20, 2024, 06:45 AM
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.
View original story
Similar markets
Acquisition of another company • 25%
Major restructuring • 25%
Expansion into new markets • 25%
No major move • 25%
Outperforms FTSE 100 • 25%
Matches FTSE 100 • 25%
Underperforms FTSE 100 • 25%
Significantly underperforms FTSE 100 • 25%
Less than £500 million • 25%
£500 million - £1 billion • 25%
£1 billion - £1.5 billion • 25%
More than £1.5 billion • 25%
0% • 25%
1-5% • 25%
6-10% • 25%
More than 10% • 25%
0% - 5% • 25%
5.1% - 10% • 25%
10.1% - 15% • 25%
Above 15% • 25%
Increase by more than 10% • 25%
Increase by 0-10% • 25%
Decrease by 0-10% • 25%
Decrease by more than 10% • 25%
Significantly improved • 25%
Slightly improved • 25%
No change • 25%
Worsened • 25%
Highest satisfaction • 25%
Second highest satisfaction • 25%
Third highest satisfaction • 25%
Lowest satisfaction • 25%