Sainsbury's takes full ownership of Sainsbury's Bank
Sainsburys has confirmed that it has completed the transaction to acquire the remaining 50% shareholding in Sainsburys Bank that it did not already own from Lloyds Banking Group.
As a result the bank is now wholly owned by Sainsbury’s and will be fully consolidated within its accounts from 31 January 2014.
When Sainsbury’s announced last May that it was to acquire the remaining 50%, chief executive Justin King said: "This is an exciting transaction for Sainsbury's which has the potential to deliver significant benefits to our shareholders, customers and colleagues. We see a great opportunity to increase the number of bank customers by offering accessible, high quality financial services products which reward customers who bank and shop with us."
Launched in 1997, Sainsbury’s Bank now has over 1.4 million active accounts.
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