Sainsbury's
“Can Sainsbury's reinvent itself as an embedded finance distributor — monetising its Nectar loyalty base with NatWest-powered financial products — after exiting direct banking operations?”
Sainsbury's operated its own regulated bank (Sainsbury's Bank Plc) from 1997, offering savings, loans, and credit cards to retail customers. After years of operating as a financial services provider in its own right, Sainsbury's sold the core banking book to NatWest in 2025, signalling a strategic withdrawal from direct banking. In 2026, Sainsbury's re-entered embedded finance via a partnership with NatWest using NatWest Boxed's BaaS infrastructure, distributing co-branded financial products through its Nectar loyalty programme rather than operating a standalone bank.