A&O Shearman is advising NatWest Group on the acquisition of Sainsbury’s retail banking assets and liabilities

On completion, NatWest Group expects to acquire approximately GBP2.5 billion of gross assets, comprising GBP1.4bn of personal loans and GBP1.1bn of credit cards balances, together with approximately GBP2.6bn of customer deposits. NatWest Group also expects to add around one million customer accounts. Completion is expected to occur during the first half of 2025.

The A&O Shearman team was led by M&A partners Duncan Bellamy and Seth Jones, and senior associate Bhishaan Shah.

Seth Jones said: “We are delighted to support our longstanding client NatWest Group on this important acquisition, which accelerates the growth of NatWest Group’s retail banking business. Bringing together our multi-specialist team in support of NatWest Group on this deal demonstrates the strength and depth of A&O Shearman’s M&A capability.”

Duncan Bellamy added: “This deal is a great example of the market leading financial services M&A capability which we are able to deliver for our clients.”