Sainsbury completes acquisition of banking arm

3rd Feb 2014 07:48

Sainsbury has completed the acquisition of the remaining 50 per cent stake in Sainbury's Bank from Lloyds Banking Group.The bank is now a wholly owned subsidiary of the UK supermarket chain and was fully consolidated within its accounts from January 31st. Sainsbury's was the first major British supermarket to open a bank, which started trading in 1997.RD