Sainsbury’s weighs up options for its loss-making bank following failed Asda merger

Sainsbury's is preparing a major overhaul of its bank as it pursues a “back to basics” approach following its botched attempt to merge with Asda.

The grocer is understood to be examining options for its loss-making financial services arm as it prepares to lay out a new strategy to City analysts and investors later this month.

Sainsbury’s could seek to offload its mortgage book, as rival Tesco did last week. One senior source close to Sainsbury’s suggested such a move was more likely than a sale.

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