Last checked at 11 Aug 2023 14:33
The Co-operative Bank confirms agreement to acquire Sainsbury's Bank mortgage portfolio
The Co-operative Bank p.l.c. ("The Co-operative Bank") is pleased to announce its agreement to acquire Sainsbury's Bank plc's ("Sainsbury's Bank") mortgage portfolio. The portfolio comprises of approximately 3,500 customers with balances of around £479 million. Following completion, the Sainsbury's Bank customers are expected to transfer to The Co-operative Bank over a period of one year to ensure a smooth process.
The mortgage customers will ultimately benefit from The Co-operative Bank's ongoing transformation and technology re-platforming programme, enabling them to access a suite of services and a full range of products going forward.
Nick Slape, CEO of The Co-operative Bank said: "We are delighted to have agreed this transaction with Sainsbury's Bank. 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.
"This transaction, our first portfolio acquisition in more than a decade, further demonstrates the progress we have made in recent years and our strength in what remains a competitive UK mortgage market."
Commenting on the sale, Jim Brown, CEO of Sainsbury's Bank said: "We're pleased to confirm we have agreed the sale of our mortgage book to The Co-operative Bank. Closing the chapter on our mortgage offering is a big step in simplifying our business.
"It's been really important throughout the process that we find a buyer that will best meet the needs of our customers. We chose The Co-operative Bank as it's a well-known UK mortgage provider, committed to providing excellent customer service, so we are confident that The Co-operative Bank will serve our customers well."
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About The Co-operative Bank
The Co-operative Bank p.l.c. provides a full range of banking products and services to retail and SME (Small and Medium Sized Enterprises) customers and is committed to values and ethics in line with the principles of the co-operative movement.
In 1992, The Co-operative Bank took the pioneering step to become the first UK bank to launch a customer-led Ethical Policy, which gives the Bank's customers a say on the ethical issues that are important to them, and how the Bank could help. These answers form the basis of our Ethical Policy, shaping the Bank's ethical commitments, the way in which it will use customer's money and the issues it will campaign for. Since 1992, the Ethical Policy remains unique in the UK and has been updated six times in consultation with the Bank's customers, to reflect their changing priorities.
The person responsible for arranging the release of this announcement on behalf of The Co-operative Bank Finance p.l.c and The Co-operative Bank p.l.c. is Catherine Green, Company Secretary.
The Co-operative Bank p.l.c. LEI: 213800TLZ6PCLYPSR448
The Co-operative Bank Finance p.l.c. LEI: 213800KNE8ER4N9BLF11