Responding to press speculation, J Sainsbury plc (SBRY.L) confirmed that it is in advanced negotiations with Lloyds Banking Group (LLOY.L, LYG) to take full ownership of Sainsbury's Bank.
J Sainsbury noted that further announcement will be made in due course.
Sainsbury's Bank is a joint venture between J Sainsbury and Lloyds Banking, with headquarters located at Haston House, South Gyle, Edinburgh. Sainsbury's Bank was granted a full banking licence by The Bank of England in January 1997.
Earlier, there were reports that the supermarket chain is planning to buy the remaining 50 percent stake in the venture. J Sainsbury is slated to report its preliminary results on May 8, 2013.
For comments and feedback: editorial@rttnews.com