British holiday group Saga has confirmed that it is in talks with NatWest to develop a range of personal banking products, starting with a savings proposition.
The companies have agreed heads of terms and are now in “final negotiations,” Saga said in its trading update.
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“This partnership would combine NatWest’s scale and banking capabilities with our customer insight and marketing strengths, and support our ambition to continue growing our Money business,” the statement read.
The company noted that it will share further details as the partnership progresses.
Saga Group CEO Mike Hazell said: “We are progressing well with our medium-term plans and the potential new partnership with NatWest is another good example of this.”
Furthermore, the company announced that the sale of its insurance underwriting business Acromas Insurance to Ageas UK subsidiaries is “progressing well” and “remains on track” to complete by 31 July 2025.
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By GlobalDataIn April this year, NatWest acquired a minority stake in Yonder, a credit card platform that enhances customer experiences with lifestyle rewards.
This investment aims to boost Yonder’s growth by tapping into NatWest’s 19 million customer base.
Yonder targets young professionals and expatriates, providing a financial lifestyle platform that connects users to personalised rewards from local businesses and major brands.
