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Sainsbury’s ends talks on selling banking operation -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A man walks by a Sainsbury’s shop in Milton Keynes on November 5, 2020. REUTERS/Andrew Boyers/File Photo

LONDON, (Reuters) – British supermarket Sainsbury’s announced Friday that it has ended negotiations to sell its bank operation. It concluded that the approaches it received in November 2020 were not of good value for shareholders and had no other options.

It stated that while the Board of Sainsbury’s believed that exploring these expressions of interests was in shareholders’ best interest, they have concluded that this does not provide better value to shareholders than retaining Sainsbury’s Bank.

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