Sainsbury's Bank: Now A Fully Owned Subsidiary, Say Sainsbury's Group by Benson Agoha

* A Sainsbury's Bank Customer Makes A Withdrawal.

Sainsburys Bank is now a fully owned subsidiary of J Sainsbury's PLC after the parent acquired outstanding shares from Lloyds.

In a Press release on 3rd February 2014, Sainsbury's said it has finally made good its promise, through an announcement on May 8, 2013, to buy back the remaining shares.

Before the buyback, Lloyds Banking group held a 50% stake (shareholding) in Sainsbury’s Bank plc.

According to the statement "Sainsbury's confirms that the transaction was completed on 31 January 2014, making the bank a fully owned subsidiary.

As a wholly owned subsidiary of the Company, Sainsbury's said the banks accounts will be fully consolidated within its accounts from 31 January 2014.

Under the guidance of outgoing CEO, Justin King who took the reigns in 2004, Sainsbury's enjoyed a decade of steady growth. He is due to leave the company voluntarily on 9th July 2014.

Sainsbury's recently confirmed media reports of Justin King's departure while and has appointed Mike Coupe, its current Group Commercial Director, to succeed him as CEO.

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