Yorkshire Building Society has revealed it is to acquire the mortgage and savings businesses of Egg Banking from Citigroup.
The deal highlights the lender’s ambition to expand and enhances its multi-brand stable of products, moneysupermarket.com noted.
Head of banking at the website Kevin Mountford explained that Yorkshire Building Society is wise in its purchase of Egg during this period of austerity.
“At a time when financial services institutions are required to strengthen their balance sheets, the boost provided by the £2.5 billion savings and £430 million mortgage books make good commercial sense,” he said.
“This latest purchase follows previous mergers with Barnsley, Chelsea and planned integration with N&P, which should give the society even more options and ensure they remain competitive in the savings market.”
The expert added that Egg customers should also benefit from being part of one of the nation’s largest building societies and the financial security that comes with it.
In other news, the Co-operative Financial Services has announced that its Platform brand is to begin offering a new range of let-to-buy mortgages.