Sainsbury's in Lloyds talks over bank acquisition plans

Sainsbury's Bank: in talks with Lloyds
Sainsbury's Bank: in talks with Lloyds

Sainsbury's had revealed it is in talks with Lloyds Banking Group over moves to take full control of Sainsbury's Bank, as UK supermarkets prepare for a full-scale assault on the retail banking sector.

The brand released a statement confirming it is in "advanced negotiations" with Lloyds over the acquisition of the remaining 50% share in Sainsbury’s Bank, with a further announcement expected shortly.

In 1997, Sainsbury’s became the first UK supermarket to offer banking services, and currently has around 1.4m active customers using a range of insurance, savings and loans products.

It follows increasing moves by supermarket brands to try to tap into consumer disillusionment with the traditional high street banks.

In 2008, Tesco paid £950m to acquire complete ownership of its financial services joint venture with RBS. Under the Tesco Bank brand, it has since unveiled a mortgage product and confirmed the launch of its first current account in 2014.

Separately, Marks & Spencer (M&S) last year announced the launch of M&S Bank in partnership with HSBC. The retailer, which offered financial services under the guise of M&S Money for several years, revealed plans to open a total of 50 in-store bank branches by the end of this year.

M&S Money was acquired by HSBC in 2004 but is run as a joint venture with M&S.

Discussion

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Brand Republic Jobs

subscribe now

Latest

Lynx tells men not to leave love to fate
HBO captures awkwardness of watching sex scenes with parents
Primark to open first US stores with Boston chosen as flagship location
Marketing spend on the up but a reality check is needed before celebrating
Top 10 ads of the week: Jackpotjoy and BT Broadband fend off Kevin Bacon
Lidl beats Tesco to 10m Facebook fans
Center Parcs ad banned for encouraging parents to take kids out of school
Coca-Cola, Cadbury and Amazon named top brands for targeting youth market
Leaked document shows Nokia to be rebranded as Microsoft Mobile
Nike lays-off hardware staff in move that casts doubt on future of FuelBand
Greenpeace says save the bees or humans will die
What brands need to know about changes to VAT and online downloads in 2015
Jimmy Savile victims urged to claim compensation in new ad campaign
UKIP launches biggest  ad campaign and stirs up 'racist' accusations
Apple boss Tim Cook provides voiceover on ad touting firm's renewed green commitments
John Lewis walks consumers through its history to celebrate 150 years of business
Waitrose boosts content strategy with 'Weekend Kitchen with Waitrose' C4 tie-up
Hottest virals: Cute puppies star in Pedigree ad, plus Idris Elba and Fruyo
Amnesty International burns candles to illuminate new hope
Toyota achieves the impossible by calming angry Roman drivers
Tom of Finland's 'homoerotic' drawings made into stamps
YouTube reveals user habits to appeal to 'older' marketers
Ex-M&S marketing chief Steven Sharp consulting at WPP
Wolff Olins reveals new CEO after Apple poaches Karl Heiselman
Glasgow offers £30,000 prize to best digital idea for 2014 Commonwealth Games
Google's revenues surge but shares drop as it grapples with transition to mobile
Facebook beats Twitter to most 'marketing friendly' social media site crown, says DMA
Fableists believe children like Finn should be outdoors enjoying life
Homebase, Baileys and Camelot join the line-up at Media360
MasterCard renews Rugby World Cup sponsorship to push cashless message