Sainsbury’s Bank finally exits the UK mortgage market after years of trying
The Co-operative Bank has struck a deal to buy Sainsbury’s £480m mortgage business.
Sainsbury’s Bank will offload 3,500 customers to its rival, as it formally exits the UK mortgage market after years of trying.
The sale was announced on Friday, although the handover will not be complete until next year.
It is the Co-op Bank’s first portfolio acquisition in more than a decade and comes after previous reports suggested a breakdown in the deal over price.