On 20 June 2024, we announced that NatWest Group plc, through its subsidiary, National Westminster Bank plc, had entered into an agreement with Sainsbury’s Bank plc (“Sainsbury’s Bank”) to acquire certain retail banking assets and liabilities of Sainsbury’s Bank which comprises its outstanding credit card, unsecured personal loans and savings accounts.
The proposed transfer will be implemented by a banking business transfer scheme under Part VII of the Financial Services and Markets Act 2000 (as amended) (the “Scheme”) and is expected to take effect on 1 May 2025.
You will find all the information about the proposed transfer on the dedicated Sainsbury’s Bank webpage including copies of the Scheme documentation, next steps, key dates and what you should do if you think you may be adversely affected by the proposed transfer.