The Co-operative bank is leading the race for Sainsbury’s Bank mortgage portfolio worth £650m
IN BRIEF:
- The Co-operative Bank is owned by owned by a syndicate of private equity firms and hedge funds
- An insider cited Co-operative Bank as a ‘frontrunner’ in the process managed by Deloitte
- This sale would mark Sainsbury‘s withdrawal from the UK mortgage space
What does this mean?
Sainsbury's exit from the mortgage market demonstrates the wider retreat of UK supermarkets from the banking sector. Tesco is also attempting to sell its banking offshoot which could be worth £1 billion.
