Sainsbury's has announced that it is seeking to take full control of its banking business, 'Sainsbury's Bank'. In a statement the retailer said that it was already in 'advanced negotiations' with Lloyds Banking Group on its decision to take full ownership of the banking service, adding that "A further announcement will be made in due course".
Sainsbury's Bank, which was formed in 1997, is currently owned by both Sainsbury's and Lloyds, with each taking a 50/50 share. The retailer-owned bank reported a 40 per cent increase in tsp pre-tax operating profits in the year to 17 March 2012.
The bank's announcement comes a day before Sainsbury's announces its full-year results tomorrow, 8 May 2013. The retailer is expected to report a 1.8 per cent increase in like-for-like sales and 5 per cent increase in profits.
© 2013 - ESM: European Supermarket Magazine by Ellen Lunney
