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The retailer plans a "phased withdrawal" but says its 1.9m bank customers will see no immediate change.
It seems that two of the UK's leading supermarkets are on the point of leaving the banking sector, with Sainsbury's announcing that they are planning to wind down their involvement in the sector and Tesco reputedly considering the same.
This represents a decision to focus on their 'core business' and reduces their revenue streams. However, it also highlights the facts that in an environment with higher interest rates, it's harder for smaller banks to operate profitably.