The supermarket giant announced it had received interest from potential buyers for the banking division, which includes insurance products

Sainsbury’s banking arm has received “very preliminary” interest from buyers, the supermarket firm said.

Earlier this month it was reported that Sainsbury’s was seeking to sell its banking division, which includes a range of insurance products. 

The unit has been struggling amid low interest rates and price competition. This comes despite a five-year growth plan unveiled last year.

“We are on track to deliver that plan despite the impact of Covid-19 and expect to deliver a profit in the second half of this financial year,” the company told investors on Wednesday.

“We have received some very preliminary expressions of interest in the bank, but this does not mean anything will come of these discussions,” it said.

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