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Sainsbury's sells Argos Financial Services card portfolio to NewDay
(Sharecast News) - Supermarket giant Sainsbury's announced on Monday that it has sold its Argos Financial Services card portfolio to NewDay Group. After successfully obtaining appropriate financing and antitrust approvals, NewDay acquired a beneficial title to the AFS Portfolio from Sainsbury's and will take responsibility for servicing at migration, which was expected to occur in Q26.
Sainsbury's expects the disposal to return excess capital of at least £250.0m to its banking arm and intends to return this capital to shareholders.
"Customers with an Argos-branded store card do not need to take any action as a result of this announcement. There will be no immediate changes to AFS customers' existing terms and conditions," noted Sainsbury's.
As of 0940 GMT, Sainsbury's shares were down 1.16% at 255.60p.
Reporting by Iain Gilbert at Sharecast.com
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