J Sainsbury PLC said Friday that it had closed negotiations to sell its banking division because it believed the business would bring better value to shareholders remaining in the group.
The grocery store, which has the second largest market share in the UK, said it continues to strengthen and simplify its financial services business and remains happy with the unit’s consensus earnings forecast.
Current market forecasts for the financial services sector stated that the underlying operating profit for fiscal year 2022, which ends in March, was £ 26 million ($ 35.9 million) and fiscal year 2023 was £ 43 million.
Sainsbury’s said on November 17 that it had received a lot of interest in banking.
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J Sainsbury closes negotiations to sell banking sector
Source link J Sainsbury closes negotiations to sell banking sector