Sainsbury's to buy banking business outright as profits dip

Supermarket giant Sainsbury's is to take full control of its banking franchise after agreeing to buy Lloyds' 50% stake in the business for £248m.

The grocer confirmed it was buying the business from Lloyds 16 years after it first launched the bank in 1997. Unlike the main high street rivals, it has no funding issues, and profit before tax was £59m this year.   Justin King, chief executive of Sainsbury's, said: "This is an exciting transaction for Sainsbury's which has the potential to deliver significant benefits to our shareholders, customers and colleagues. "We have 23 million transactions each week by customers who know and trust the Sainsbury's brand. We see a great opportunity to increase the number of Bank customers...