Both Sainsbury’s and the Co-operative banks have revealed that they have received interest from prospective buyers.
While neither company could disclose information regarding the potential acquirers, it has been made clear that “preliminary discussions” are underway.
In a response to press speculation, J Sainsbury Plc, said: “We have received some very preliminary expressions of interest in the Bank, but this does not mean anything will come of these discussions.”
Currently, Sainsbury’s Bank’s operations span car, home, pet, travel, and life insurance.
Co-op Bank also responded to the interest, but assured that talks were at a “preliminary stage”.
A statement from the bank said: “The bank has recently attracted an approach from a financial sponsor with knowledge and experience of investing in European financial services businesses regarding the possibility of a sale of the bank and/or the holding company.
“The bank continues to be in discussions with this financial sponsor, although such discussions remain at a preliminary stage.”
Both firms also stated that they are intent on continuing to deliver their agreed strategies released in their most recent interim results.