7 highlights: Sainsbury’s acquisition of Lloyds Group

Find out what customers can expect from news that Sainsbury’s supposedly wants to acquire Lloyds Banking Group.

08:50 13 May 2013

Recent news for banking puts Sainsbury’s as the potential full owner of Lloyds Banking Group.  Sainsbury’s currently owns about 50per cent of the Lloyds Banking Group and believes that acquiring the remaining 50per cent will give it more versatility and opportunities for growth.

 

What will these banking changes mean for customers?

 

• Customer-centric—Sainsbury’s will be able to tailor its services and products more closely to customer needs and desires.

 

• Financial stability—the bank has successful numbers and operating resources which means that customers would benefit from the reassurance that their investments are safe.

 

• Interest rates—loans would likely be able to have lower interest rates for consumers, and better rates for savings accounts and insurance products.

 

• ATMs—there is a network already of ATMs but full banking ownership would give Sainsbury’s the ability to extend the network however it sees fit.

 

• Diversity—Sainsbury’s will have the ability to offer a more diverse array of products and services, and to provide banking solutions which enhance the overall experience.

 

• Technology—depending on consumer demand Sainsbury’s would be able to make decisions about how banking is approached and what technology is implemented both for ease of banking as well as for information security.

 

• Efficiency—when changes are scheduled they should be able to be implemented with greater efficiency and ideally, with minimal disruption to customers.

 

The consensus is that this banking move will be beneficial for consumers, and will provide greater monetary assets for Sainsbury’s which would supposedly foster improvements in services and products for the future. The news is apparently creating an upbeat attitude for the banking industry in Edinburgh.

 

The change would also set up Edinburgh as the financial centre of the area since Tesco Bank and Virgin Money are also based there. There has been no talk of any staffing changes in relation to this banking shift either, so it appears for now that employment is expected to remain similar.

 

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