In a significant move within the financial sector, Co-operative Bank has announced its acquisition of Sainsbury’s Bank’s mortgage portfolio, consisting of approximately 3,500 customers and carrying balances totalling £479 million ($608 million). The deal, confirmed on Friday, is set to be completed over the coming months.
Sainsbury’s Bank revealed that it will receive £464 million in cash as part of the transaction. The supermarket group’s bank halted mortgage sales in 2019 and subsequently explored alternatives for its existing mortgage book. The agreement with Co-operative Bank marks a strategic decision to further streamline its operations.
