Sainsbury’s in talks over full ownership of bank

J Sainsbury, Britain’s third largest supermarket group, said it was in advanced negotiations with Lloyds Banking Group to take full ownership of the Sainsbury’s Bank joint venture.

By The Newsroom

Published 7th May 2013, 09:21 BST

The statement was prompted by media speculation over the weekend that Sainsbury’s was on the verge of buying out Lloyds’ 50 per cent stake in the bank.

Sainsbury’s was the first major British supermarket to open a bank. It started trading, through the joint venture, in February 1997.

Sainsbury’s Bank provides a range of products including insurance, credit cards, savings and loans.

A Sainsbury’s buyout of Lloyds’ stake would mirror grocery market leader Tesco’s acquisition of RBS’s stake in Tesco Personal Finance five years ago.

Sainsbury’s is scheduled to publish 2012-13 results on tomorrow.