Supermarket Sainsbury’s has announced it is to take full
ownership of Sainsbury’s Bank as part of its strategy to develop complementary
channels and services to its existing supermarket business. The deal will see
Sainsbury’s acquire Lloyds Banking Group’s 50 percent stake in the bank for
£248 million. Over the next 42 months period, the bank will transition support
and back office services away from Lloyds Banking Group. Sainsbury’s also
announced today that total sales in the 52 weeks to 16th March 2013 were up 4.6
percent to £25.6 million, while underlying profit before tax was up 6.2 percent
to £756 million.
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