Loan Digest

Co-operative Bank turns corner with bid for £650m Sainsbury’s Bank mortgage book

  • 📰 SkyNews
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 67%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

The former mutually owned lender has tabled an offer that would herald Sainsbury’s Bank’s formal involvement with the UK mortgage market, Sky News learns.

The Co-operative Bank is underlining the revival in its financial performance by tabling an offer for a £650m loan portfolio being offloaded by rival Sainsbury’s Bank.

One insider said on Tuesday that the former mutually owned lender appeared to be the frontrunner in the process, which is being run by advisers at Deloitte. The move is significant, partly because it would herald Sainsbury's Bank's formal exit from the UK mortgage market after it ceased new lending in 2019, but also because of what it would signal about the Co-operative Bank's resurgence.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 35. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Moyes has 'credit in the bank' and won't be sacked if West Ham lose vs Forest despite reports - Football365West Ham manager David Moyes will not be sacked if his side lose to Nottingham Forest on Saturday, the PA news agency understands.
Source: F365 - 🏆 5. / 97 Read more »