Yorkshire Building Society has said it expects to complete its acquisition of the mortgage and savings business of Egg Banking plc on 31 October 2011, subject to Court approval. The Egg business comprises a savings book valued at around £2.5 bn, and a £430m mortgage book. As part of the transaction the Yorkshire is also able to continue using the Egg brand.

The acquisition is to be implemented by a banking business transfer under Part VII of the Financial Services and Markets Act 2000. This process is subject to approval by the High Court, which amongst other considerations will take into account the opinion of the Financial Services Authority (FSA). Egg is writing to all its mortgage and savings customers with full details of the transaction.....Source: Credit Today online

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