REG - Co-Operative Bk Fin. Co-Operative Bank - Agreement to Acquire Mortgage Portfolio

J SainsburyAnnouncement

11/08/2023 15:45

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RNS Number : 1216J  Co-Operative Bank Finance PLC (The)  11 August 2023

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."

 

- ENDS -

 

Media enquiries:

Sam Cartwright, H/Advisors Maitland: +44 (0) 7827 254 561

Dan Chadwick, Communications: +44 (0) 7724 701319

 

 

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

 

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