Sainsbury's Bank bids adieu to its core mission.

TLDR: Sainsbury’s, a major UK supermarket chain, has announced plans to exit its core banking business. The supermarket launched Sainsbury’s Bank in 1997 as a joint venture with Lloyds Bank, and in 2013, it bought out Lloyds’ stake in the bank. However, Sainsbury’s has struggled to compete with larger banks in the sector and has experienced losses as a result. The bank’s customers will be transferred to a new partnership with banking technology firm, NCR. Sainsbury’s will continue to offer financial services through other banking partnerships and its insurance division, Sainsbury’s Bank.

Sainsbury’s is exiting its core banking business, admitting that it has failed to compete with larger banks in the sector. The supermarket launched Sainsbury’s Bank in 1997 as a joint venture with Lloyds Bank. In 2013, it bought out Lloyds’ 50% stake in the bank, but it has struggled to gain a significant foothold in the market and has experienced losses as a result. The bank has around 1.4 million customers and offers a range of products including loans, mortgages, credit cards and insurance. Sainsbury’s said its customers will be transferred to a new partnership with banking technology firm NCR. The supermarket will continue to offer financial services through other banking partnerships and its insurance division, Sainsbury’s Bank.