The mortgage and savings businesses of online banking firm Egg has been bought by Yorkshire Building Society (YBS).
According to a report by the BBC, the Egg brand has also been sold by owner Citigroup as part of the agreement. YBS said the amount it paid was "commercially sensitive" information and the terms of the deal would not be disclosed.
The Bradford-based mutual will take on a savings book worth around £2.5bn, along with Egg's mortgage book which is said to be worth £430m.
Speaking to the Guardian newspaper, Andrew Hagger of price comparison website Moneynet, said the purchase would make YBS more competitive and is a sign that the business has determination "to be a serious player on (the) high streets".
He said: "The acquisition of a new £2.5bn savings book will enable one of the most competitive mortgage providers in the UK to expand its lending activities to a much wider audience."
"It's been a rocky few years for building societies, but Yorkshire BS is proving that the sector still has plenty of fight left in it."
