Barclays acquires Standard Life Bank

Barclays Bank has agreed to acquire the retail banking division of Standard Life for £226 million in cash.

Under the terms of the deal, Barclays will acquire a savings book of some £5.5 billion, and a mortgage book with outstanding balances of some £8.8 billion.

On completion, the 268 employees that support Standard Life’s UK mortgage and savings business will transfer to Barclays.

Frits Seegers, chief executive of Barclays Global Retail and Commercial Banking, said: ‘The acquisition of Standard Life Bank is a good fit with Barclays’ existing UK retail banking business. This transaction brings to Barclays high-quality savings and mortgage books, and an attractive customer base.’

Barclays reported a decrease in pre-tax profits of 14 per cent in 2008 to £6.1 billion.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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