Banking buyout opens up Tesco and Sainsbury’s battle

Banking buyout opens up Tesco and Sainsbury’s battle
 

SAINSBURY'S decision to buy out its banking joint venture partner last week has opened up a new battle for the supermarket shopper.
The group splashed out £288 million to take full control of Sainsbury’s Bank from Bank of Scotland with whom it had pioneered supermarket banking in 1997.
Last week’s deal mirrored the move nearly five years ago by bigger rival Tesco to buy out partner Royal Bank of Scotland for £950m.
The two standalone supermarket banks, both based in Edinburgh, are now going head-to-head in creating a niche market that aims to turn grocery shoppers into financial services... read more

 
12 May 2013 in Business, Views: 18
Source: Scotsman
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