One million customers to have their bank accounts switched to NatWest

The move will include £1.4 billion of personal loans and £1.1 billion of credit card balances

Supermarket Sainsbury’s has struck a deal to sell its banking business to lending giant NatWest. The deal is expected to complete in the first half of next year.

Argos Financial Services is also not included in the deal. Simon Roberts, chief executive of Sainsbury’s, said: “Today’s news means we will focus all our time and resources going forward on growing our core retail business, delivering great quality and value, week in week out.”

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