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.
The bank provides insurance, credit cards, savings and loan services.
The retailer, based in London, sells food, appliances, furniture and household supplies. The company released its earnings report on May 8, stating that sales were up 4.6 percent.
Milbank Tweed Hadley & McCloy advised Sainsbury’s on the deal.
For more on M&A activity on behalf of grocery store chains and their investors, see "Grocers Grow."