Who owns Sainsburys?

funkey_monkey

Hi

Are Sainsburys a separate entity to HBOS which owns 50% of it according to MSN:
http://extras.uk.msn.com/money/UK-bank-ownership-after-HBOS.aspx

MSE says yes, but I can't see in the FSA website where this is confirmed.


Thanks.

agsnu

http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=78880

silps

If HBOS had gone under how would that have affected Sainsburys bank, would our savings be safe?

Baldur

silps wrote: »

If HBOS had gone under how would that have affected Sainsburys bank, would our savings be safe?

If you look at the link in agsnu's post, you will see that Sainsbury's Bank Plc (number 184514) is registered in its own right, so is not dependent on HBOS as far as the £50,000 FSCS cover is concerned.

silps

I know that they are registered in their own right. But what I want to know is if HBOS had gone under does that mean Sainsburys Bank also goes under automatically. It's all well and good the government saying £50,000 is covered but how long before you would actually see your money back in a worst case scenario?

Baldur

silps wrote: »

I know that they are registered in their own right. But what I want to know is if HBOS had gone under does that mean Sainsburys Bank also goes under automatically.

As it's a separate legal entity from HBOS (which isn't authorised for deposits - the authorisation is in the name of the Bank of Scotland), why would you assume that the default of HBOS would have affected Sainsbury's Bank?

Sainsbury's bank would have to be separately declared to be in default.

It's all well and good the government saying £50,000 is covered but how long before you would actually see your money back in a worst case scenario?

See FAQ 6 here http://www.fscs.org.uk/consumer/FAQs/Claiming_Compensation_FAQs/

silps

Well my thinking was that if they own 50% of Sainsburys bank then if HBOS had gone under then it would affect Sainsburys bank. Remember that most people out there don't really know how the banking system works. So from what you are saying can I infer that money deposited in Sainsburys bank is kept seperate from Bank of Scotland/HBOS? Or are my savings used by HBOS for their investments?

6 months to get your money back is a long time if takes the full 6 months. I can't believe people you owe money to (bills etc) are going to say lets give him a break cause he got caught up in that bank collapse. No I think they will get the debt collectors after you at the first opportunity.

Baldur

silps wrote: »

Well my thinking was that if they own 50% of Sainsburys bank then if HBOS had gone under then it would affect Sainsburys bank. Remember that most people out there don't really know how the banking system works. So from what you are saying can I infer that money deposited in Sainsburys bank is kept seperate from Bank of Scotland/HBOS? Or are my savings used by HBOS for their investments?

Can you really see Sainsbury's allowing a bank bearing their name to fail? Presumably, that's (at least to some extent) why the bank's FSA authorisation is not included in the general BoS one.

silps

Baldur wrote: »

Can you really see Sainsbury's allowing a bank bearing their name to fail? Presumably, that's (at least to some extent) why the bank's FSA authorisation is not included in the general BoS one.

Yes anything can happen in this climate. A year ago would anyone have thought any bank in the UK could get into trouble?

Baldur

silps wrote: »

Yes anything can happen in this climate.

If they failed 'their' savers, they could kiss goodbye to large chunks of their supermarket business as well.

pumpndump

Sainsbury's are owned by its shareholders. If HBOS holds half the shares, then it owns half of Sainsburys. If you open an account with Sainsburys, then the name on the front of the passbook or at the top of any contract that you sign will tell you whom you have the contract with. If it is a Sainsburys account, I should think that your contract will be with Sainsburys, even if they are using HBOS facilities.