Published: January 18, 2024 at 2:25 am ETBy Ian WalkerJ Sainsbury said that following a review of its financial services division, the company plans to gradually withdraw from its core banking business and focus on its core retail banking business. The grocer said Thursday that it is exploring options to improve the financial services it offers and plans to continue offering them through special…By Ian WalkerJ Sainsbury said that following a review of its financial services division, the company plans to gradually withdraw from its core banking business and focus on its core retail banking business. The grocer said Thursday that it is exploring options to improve the financial services it offers and plans to continue offering them through dedicated providers through a distributed model, as it already does with insurance products. Sainsbury said there would be no immediate changes to the products or services it offers to customers as a result of this decision. “Since launching our food-first strategy in 2020, we have been clear that we would focus our efforts on our core retail businesses and today’s announcement reflects this strategic focus,” said chief executive Simon Roberts.

Source: Wall Street Journal January 18, 2024 15:15 UTC