The Co-operative Bank to acquire the mortgage portfolio of J Sainsbury for £464m.

The Co-operative Bank, a bank holding firm, agreed to acquire the mortgage portfolio of J Sainsbury, an owner of chain of supermarkets, for £464m. "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," Nick Slape, The Co-operative Bank CEO.