Sun Life Financial Services of Canada Inc. announced today that it has closed the sale of its U.K. subsidiary Sun Bank plc for about £95 million to the Portman Building Society.

Based in Stevenage, U.K., Sun Bank is primarily a mortgage bank and savings bank, with approximately £960 million of mortgages, and total assets of more than £1.2 billion as of September 30.

Portman is the fourth largest building society in the U.K., with assets of more than £7 billion. Based in Bournemouth, Dorset, Portman employs more than 1,400 people and serves 1.5 million customers through a network of more than 100 branches predominantly in the south of England.

Proceeds from the sale of the bank will be used for general corporate purposes. Morgan Stanley & Co. Limited acted as financial advisors on behalf of Sun Life Financial for this transaction.