15 August 2023

Co-operative Bank buys Sainsbury's Bank's mortgage portfolio

Written By FinTech Alliance in Mortages

Co-operative Bank buys Sainsbury's Bank's mortgage portfolio

The Co-operative Bank has made a £464m deal to buy Sainsbury’s Bank’s mortgage portfolio.

In brief:

-The acquisition will see the transfer of around 3,500 customers with balances of about £479m to the Co-op Bank in its first purchase since coming back from the ‘brink of collapse’ in 2013.

-Months after reports suggested a deal between the two banks had broken down, the acquisition marks the full withdrawal of Sainsbury’s Bank from the mortgage space after it decided to stop all new mortgage sales in September 2019.

-The Co-op Bank has reportedly been looking for possible acquisitions for more than a year in an effort to consolidate mid-sized banks.

What does this mean?

“Once the transfer activity is complete, we look forward to welcoming the new customers who will benefit from our ambitious new technology platform, which will simplify our banking services and will make us more efficient, giving us the flexibility to introduce new products and services,” Co-op Bank CEO Nick Slape said.

Read more here.

Up Next ...
04 November 2024

Finance apps are in ‘need of improvement’, says a quarter of Brits

A recent survey by UK mobile specialists Apadmi reveals that ...

04 November 2024

Barclays acquires Tesco Bank

Barclays Bank UK PLC has completed the acquisition of Tesco ...

04 November 2024

fundcraft Increases Series A to €11 Million Demonstrating Strong Product-Market Fit

fundcraft has increased its Series A funding to €11 million, ...

01 November 2024

Mollie and Hyvä announce strategic partnership, launching Hyvä Commerce

Mollie, a leading financial service provider, has partnered with Hyvä, ...

More in Mortages

UK mortgages FinTech Habito raises £5mn 

20 September 2022

Digital mortgage broking business Habito has just closed a £5mn ...

Starling Bank has acquired a $1bn mortgage book

16 November 2021

Starling Bank has purchased a mortgage portfolio worth £1bn from Kensington ...

Tembo Money secures £2.5mn

06 August 2021

Key backers include Aviva and Nationwide In Brief:Tembo enables first-time buyers ...

Starling Bank buys Fleet Mortgages 

27 July 2021

Starling Bank has acquired buy-to-let mortgage lender Fleet Mortgages. In Brief:Fleet ...

There are no Knowledge Bank in this category

There are no Events in this category