Yorkshire Building Society is to buy the mortgage and savings business of Egg Banking from Citigroup.

The building society, which is owned by its customers, said the Egg business it was acquiring comprised of a £2.5bn savings book and a £430m mortgage book. It will also acquire the Egg brand in the deal.

The sale of the Egg divisions to Yorkshire Building Society comes just a few months after American bank Citi sold off Egg's credit card assets to Barclays, part of a sweeping series of sales after taking $45bn in US bailout funds during the financial crisis.

Yorkshire Building Society, which has more than £30bn of assets, said buying the Egg businesses would widen its products and range of services, and improve the company's funding position. It did not disclose how much it paid for the Egg businesses.

Egg savers and borrowers will become members of the building society once the transaction is....Read more on this Story