LONDON (dpa-AFX) - J Sainsbury plc (JSAIY.PK, SBRY.L) confirmed that Sainsbury's Bank plc has agreed to sell its mortgage portfolio to The Co-operative Bank p.l.c. for a cash consideration of around 464 million pounds. Sainsbury's Bank plans to use the proceeds to help optimise the overall cost of funding for Sainsbury's Bank.
'The sale of the mortgage book will support our strategy to reshape our portfolio and focus on offering capital and cost efficient, mobile-led financial services to loyal Sainsbury's and Argos customers,' Jim Brown, CEO of Sainsbury's Bank, said.
The sale follows the September 2019 announcement by Sainsbury's Bank that it would be stopping all new mortgage sales and was reviewing options for the mortgage book.
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