The grocer has reportedly been looking to sell its banking arm, which includes a range of insurance products

Sainsbury’s is reportedly looking to sell its banking division, which also provides insurance products, it has been reported.

Sainsbury’s Bank - which was set up in 1997 - offers car, home, travel, pet and life products.

Car insurance is provided by AXA UK, Covea, Highway Insurance, LV=, Markerstudy, Premier Underwriting, Pukka, Sabre and Zurich, while its home products are underwritten by AXA.

The sale of Sainsbury’s Bank - which has 2m customers - has apparently been proposed by new chief executive Simon Roberts, reported Sky News

UBS has been appointed to oversee the sale of the unit, which also sells mortgages and credit cards.

The unit has been struggling amid low interest rates and price competition.