Lloyds Banking Group May Take Over Sainsbury’s Bank
Sainsburys, the third-largest supermarket in the UK, announced they were working with Lloyds Banking Group on a negotiation that will give the bank ownership of the Sainsbury’s Bank joint venture, reports Reuters. Sainsbury’s was the first grocer store in Britain to open a bank and conduct trading through the joint venture, which started back in 1997. Sainsbury’s Bank offers various services that include credit card programs, savings, loans and insurance. It has been speculated that Lloyds will take over the remaining 50 percent share in Sainsbury’s Bank.
