BUSINESS LIVE: NatWest to buy Sainsbury’s Bank assets; YouGov profit warning; Tate & Lyle is looking at an American takeover

The co-founder of Hargreaves Lansdown has described the sale to private equity buyers as “bittersweet” as he raised concerns about their intentions.

Stephen Lansdown, who has a 5.7 per cent stake in the investment platform, has backed the £5.4 billion bid by a consortium of investors led by buyout giant CVC.

His comments came after HL’s board said this week it would accept the £11.40 per share deal.

NatWest will take over the majority of Sainsbury’s banking operations, boosting the British lender’s assets by £2.5 billion in the first major transaction carried out by boss Paul Thwaite since he formally took on the role last year.

The acquisition will also increase customer accounts by approximately 1 million, in line with the lender’s strategy to ramp up its retail banking activities.

The deal is the latest sale of banking operations by a major British retailer, after rival supermarket chain Tesco transferred most of its banking operations to Barclays in a £600m deal earlier this year.

“In addition to a complementary customer base, the transaction is expected to add scale to our credit card and unsecured personal lending businesses, within existing risk appetite,” Thwaite said in a statement.

“NatWest Group has a strong track record of successful integration and we are focused on ensuring a smooth transition for customers.”