SAINSBURY’S today announced that it is acquiring the remainder of Sainsbury’s Bank from Lloyds Banking Group for £248m, as it posts a decline in profits for the year.
The British supermarket chain confirmed yesterday that it was in advanced negotiations with its joint venture partner Lloyds to purchase the 50 per cent stake in the bank.
The company announced its full-year results today, revealing a 1.4 per cent fall in pre-tax profits to £788m.
“Sainsbury's has again delivered a good sales and profit performance, continuing to gain market share,” said chairman David Tyler. “Our intention to take full ownership of Sainsbury's Bank is one that will benefit both customers and shareholders and allow its full potential to be realised.”