British supermarket chain Sainsbury’s acquired the remaining 50 percent stake in Sainbury’s Bank from Lloyds Banking Group for $385 million.

Sainsbury’s Bank was established at a joint venture between Sainsbury’s and Bank of Scotland, split 55 percent to 45 percent, respectively. In 2007, the relationship was split evenly between Sainsbury’s and Halifax, Bank of Scotland, which later became Lloyds Banking Group.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.