01 November 2020 06:30
Advisers consider options Sainsbury's Bank at the Gyle: future under consideration Sainsbury's may sell its Edinburgh-based banking operation and has asked advisers to look at options for the business. The supermarket group has owned the bank outright since buying out joint venture partner Lloyds Banking Group in a £260m deal seven years ago. New chief executive Simon Roberts is said to be up for finding a buyer for the division which was launched in 1997 and now has more than 2 million mortgage, insurance and credit card customers. Near-zero interest rates and tough competition are said to have put a strain on margins, according to Sky News. Sainsbury's Bank is based at the Gyle in Edinburgh, close to rival supermarket financial services business Tesco Bank.
Sainsbury's also owns the Argos Financial Services business after its takeover of Argos in 2016.