The two firms have spent months in talks over the deal. Negotiations were called off in the spring after they failed to agree on a price - before discussions resumed earlier this summer.
He added:"Once the transfer activity is complete, we look forward to welcoming the new customers who will benefit from our ambitious new technology platform, which will simplify our banking services and will make us more efficient, giving us the flexibility to introduce new products and services.
"This transaction, our first portfolio acquisition in more than a decade, further demonstrates the progress we have made in recent years and our strength in what remains a competitive UK mortgage market."
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