Sainsbury’s Bank has announced the sale of its travel money business to Fexco Group, a financial services and foreign exchange company, for an undisclosed amount.

The move is part of Sainsbury’s strategy to move away from its core banking business and tap into brand partners to deliver services.

Sainsbury’s customers will continue to have access to 220 travel money bureaux across the UK as well as an online platform.

Bláthnaid Bergin, Sainsbury’s chief financial officer, said: “Travel money is a service our customers value, and we’re pleased to be entering a new long-term partnership with Fexco Group that ensures they can continue to access foreign exchange both in-store and online with the same ease and confidence.

“With specialist expertise and a strong track record in foreign exchange, Fexco Group is a strong fit for our business. I’m also pleased to confirm that there will be no immediate changes, and customers can expect the same high level of service they know and trust.”

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As part of the new deal, foreign exchange services will be provided by Fexco Group under Sainsbury’s banner, and the retailer will receive a part of the overall revenue and rental income.

The supermarket giant is also partnering with Allianz UK, which will provide existing Sainsbury’s customers with replacement car and home insurance policies.

This will create no immediate change for customers who have the option to transfer during November 2025 after the annual policies expire.

Last year the retailer sold off its ATM business to one of the UK’s top ATM operators, Brink’s Company Note Machine, as it aimed to streamline operations.

Bergin added: “We started the phased withdrawal from our core banking business in January last year and are successfully on track towards a distributed model where the financial services products that we continue to offer will be provided by dedicated financial services providers.”