BUSINESS LIVE: NatWest to buy Sainsbury’s Bank assets; YouGov Profit Warning; Tate & Lyle eyes US acquisition

NatWest will acquire most of Sainsbury’s banking business, increasing the British lender’s assets by £2.5bn in the first major transaction executed by boss Paul Thwaite since he formally took charge last year.

The acquisition will also increase its customer accounts by around 1 million, in line with the lender’s strategy to grow its retail banking business.

The deal is the latest sale of banking businesses by a major British retailer, after rival supermarket chain Tesco handed most of its banking activities to Barclays in a £600m deal earlier this year.

“In addition to a complementary customer base, the transaction is expected to add scale to our unsecured credit card and personal loan business within existing risk appetite,” Thwaite said in a statement.

“NatWest Group has a strong track record of successful integration and we are focused on ensuring a seamless transition for clients.”