Sainsbury's continues financial services exit with £720m Argos credit card sale

Sainsbury's has finalised an arrangement to offload its Argos credit card portfolio for an estimated £720m, moving away from financial services to concentrate on its core retail operations.

The supermarket chain has indicated that the deal is set to conclude at the end of the first quarter of 2025 and the sale price closely matches the loan balances and related provisions for the portfolio, as reported by City AM.

This latest agreement with the London-headquartered NewDay Group is a continuation of Sainsbury's strategic shift towards bolstering its retail division following earlier, lacklustre efforts to boost competition in the banking industry.

Previously, in June, Sainsbury's entered into an agreement with Natwest for the latter to take over the bulk o