J Sainsbury PLC to Take Full Ownership of Sainsbury's Bank

Wednesday, 8 May 2013 02:00am EDT 

J Sainsbury PLC announced that it is going to acquire remaining 50% ownership in Sainsbury's Bank from Lloyds Banking Group for £248 million. The acquisition price of £248 million is comprised of a cash consideration of £193 million for the shares and the purchase of £55 million of loan stock at par value. Over a 42 month period, the Bank will transition support and back office services away from Lloyds Banking Group. Sainsbury's Bank was the supermarket bank in the UK, established in 1997 as a joint venture between Sainsbury's and Bank of Scotland. 

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