Co-operative Bank Snaps Up Sainsbury’s £479m Mortgage Book
Banking Shake-Up: Co-op Bank Takes Over Sainsbury’s Mortgages
In a major financial deal, Co-operative Bank has agreed to acquire Sainsbury’s Bank’s mortgage portfolio. The takeover involves around 3,500 customers with outstanding balances totaling a hefty £479 million. The deal, confirmed last Friday, will wrap up over the next few months.
Sainsbury’s Bank Cashes In £464m, Streams Lines
Sainsbury’s Bank is set to rake in £464 million in cold, hard cash from the transaction. The supermarket giant’s banking arm stopped selling mortgages back in 2019 and has since been hunting for ways to offload its mortgage book. This move helps streamline their operations and cut costs.
Customer Switch to Co-op Over 12 Months
Once the deal is done, Sainsbury’s Bank mortgage customers will gradually transfer to Co-operative Bank over a year. The slow handover ensures minimal disruption and keeps services running smoothly. Sainsbury’s Bank says the cash will help reduce its overall funding costs and boost financial efficiency.
Rail Strikes Hit UK Again This August and September
The RMT union has announced fresh rail strikes set for August 26 and September 2. Around 20,000 workers across 14 train companies will walk out, protesting poor pay and working conditions. Mick Lynch, RMT’s General Secretary, vowed members are in it for the long haul to secure better terms.
Passengers face yet more travel chaos this summer as strikes continue to cripple services nationwide.
Tesco Slashes Prices, Revamps Express Stores Amid Aldi and Lidl Pressure
Tesco is shaking up its product line to fight back against discount rivals Aldi and Lidl. Over 50 items in smaller Tesco Express stores will be swapped out for cheaper alternatives — many from Tesco’s own-brand range.
Prices on key items like Tesco penne pasta (85p) and own-brand peanut butter (£1.65) will drop by about 40%. The rollout is expected to finish by the end of August. This follows a Which? study revealing customers often pay more at convenience stores than larger supermarkets, prompting Tesco to cut prices and stay competitive.
