The Co-operative Bank has struck a £464m deal to buy Sainsbury’s Bank’s mortgage portfolio.
The purchase will result in about 3,500 customers with loan balances totalling around £479m transferring to Co-op Bank.
It is the first major acquisition by the lender since its near-collapse a decade ago, and comes as its owners, including US private equity firm JC Flowers and the credit arm of Bain Capital, ready the bank for a sale.
Specialist lender Shawbrook is said to have recently submitted a merger proposal.
