Sainsbury's confirms advanced talks with Lloyds over bank takeover

(Source: Reuters)

Following media speculation, Sainsbury's has confirmed that it is in talks with Lloyds over taking full control of the Sainsbury's bank venture (release). Both parties currently hold a 50 per cent stake.

J Sainsbury's notes the press speculation concerning Sainsbury's Bank and confirms it is in advanced negotiations with Lloyds Banking Group to take full ownership of Sainsbury's Bank. A further announcement will be made in due course.