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NatWest Buying Sainsbury's Bank: Small But Sensible

FINANCIALS
Credit BulletsBulletHomepagemarkets-real-timeCreditUKBank Of England (BOE) Market News

Headlines flowing around Sainsbury's bank being sold to NatWest (NWG: A3/BBB+/A). Follows Barclays taking Tesco Bank to see the other major UK supermarket bank exit and Nationwide buying Virgin Money and Coventry BS buying Co-Op bank in a fast-moving UK banking M&A year... looks credit positive for Sainsbury (only bond: SBRYBK 10.5 '33) and too small to impact NatWest near-term.

  • "*SAINSBURY AGREES TO SELL CORE BANKING OPS TO NATWEST GROUP
  • SAINSBURY'S BANK TO RETURN EXCESS CAPITAL OF AT LEAST £250M
  • SAINSBURY'S CORE BANKING CUSTOMERS TRANSFER TO NATWEST IN 1H25
  • NATWEST: SAINSBURY'S BANK TO HAVE 20BPS IMPACT ON CET1 RATIO
  • SAINSBURY: ARGOS FINL SERVICES NOT INCLUDED IN NATWEST DEAL" - BBG
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Headlines flowing around Sainsbury's bank being sold to NatWest (NWG: A3/BBB+/A). Follows Barclays taking Tesco Bank to see the other major UK supermarket bank exit and Nationwide buying Virgin Money and Coventry BS buying Co-Op bank in a fast-moving UK banking M&A year... looks credit positive for Sainsbury (only bond: SBRYBK 10.5 '33) and too small to impact NatWest near-term.

  • "*SAINSBURY AGREES TO SELL CORE BANKING OPS TO NATWEST GROUP
  • SAINSBURY'S BANK TO RETURN EXCESS CAPITAL OF AT LEAST £250M
  • SAINSBURY'S CORE BANKING CUSTOMERS TRANSFER TO NATWEST IN 1H25
  • NATWEST: SAINSBURY'S BANK TO HAVE 20BPS IMPACT ON CET1 RATIO
  • SAINSBURY: ARGOS FINL SERVICES NOT INCLUDED IN NATWEST DEAL" - BBG