(Bloomberg) -- British grocer J Sainsbury Plc has invited suitors to submit first-round offers for its banking unit next week, people with knowledge of the matter said.
The London-listed firm is working with UBS Group AG to run a formal bidding process for Sainsbury's Bank Plc after receiving approaches, the people said, asking not to be identified because the information is private.
U.K. companies have announced $137 billion of deals in the financial services industry this year, according to data compiled by Bloomberg. The potential divestment comes at a time when supermarket operators have been spending on technology and logistics systems as they get to grips with a surge in online orders during the pandemic.
Sainsbury said in November it has received “some very preliminary expressions of interest” in the the banking unit. The company said it remains committed to a five-year plan to boost returns at the business.
No final decisions have been made, and Sainsbury could decide against a sale, the people said. Representatives for Sainsbury and UBS declined to comment.
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