Yorkshire Building Society, the UK's second largest society, has completed the acquisition of the Egg mortgage and savings book and the Egg brand.
Yorkshire said the transaction, which includes a £2.1bn savings book and £400m mortgage book, complements the Yorkshire’s core mortgage and savings business and added it will underpin a wider product and service offering and increased lending in 2012.
Egg borrowers currently paying Egg Standard Variable Rate (SVR) or Egg Pi SVR have seen an immediate benefit after transfer to Yorkshire’s lower SVR.
Iain Cornish, chief executive of Yorkshire Building Society, said: “Combining Yorkshire and Egg product capabilities will lead to further innovation and a more extensive product offering to our current and future members, enabling us to be even better placed to compete in the UK retail financial services market.”
