Britain's Co-operative Bank said on Friday it has agreed to buy Sainsbury's Bank's mortgage portfolio, which comprises about 3,500 customers and balances of about 479 million pounds ($608 million).
People walk past a branch of The Co-operative Bank in London, Britain, February 13, 2017. REUTERS/Hannah McKay/File Photomortgage portfolio, which comprises about 3,500 customers and balances of about 479 million pounds .In 2019, the supermarket group's bank ceased mortgage sales and said it was reviewing options for the existing mortgage book.
Once the deal is completed, Sainsbury's Bank customers are expected to transfer to the Co-operative Bank over a period of one year. Sainsbury's said the proceeds from the deal would be used to reduce the bank's overall cost of funding.
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