LONDON, UK: The Co-operative Bank has announced that it has agreed to acquire the mortgage portfolio of Sainsbury’s Bank, which consists of around 3,500 customers with balances of about £479 million.

The deal is expected to be completed by the end of the year, and the customers will be transferred to The Co-operative Bank over a period of one year.

The Co-operative Bank said that the acquisition, its first in more than 10 years, will strengthen its position in the UK mortgage market and will enable it to offer a wider range of products and services to the new customers.

The bank also said that the new customers will benefit from its ongoing transformation and technology re-platforming programme, which will simplify its banking services and make it more efficient.

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.”

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.”

The Co-operative Bank is a UK-based retail and commercial bank that provides a range of banking products and services to individuals and businesses.

The bank has over 3 million customers and operates through a network of branches and online platforms. The bank is owned by a group of hedge funds and institutional investors.

Sainsbury’s Bank is a UK-based bank that offers a range of financial products and services, including savings accounts, credit cards, loans, insurance, and travel money.

The bank is owned by Sainsbury’s, one of the largest supermarket chains in the UK. The bank has over 2 million customers and operates through Sainsbury’s stores and online platforms.

Nick Slape appointed Chief Executive Officer of The Co-operative Bank