Standard Life Bank sold to Barclays: Jeeps Specialist and Car Insurance UK: Latest Events

Standard Life Bank sold to Barclays

Standard Life has sold its retail banking business to Barclays, for Ј226 million.

Under the terms of the transaction, Barclays will acquire a savings book of approximately Ј5.5 billion and a mortgage book with outstanding balances of around Ј8.8 billion (both figures as at 30th June 2009).

The unit, which was set up in 1998, reported underlying profit before tax of Ј26 million in 2008 and Ј15 million for first six months if 2009, after which it has “traded well”.

The lender’s new mortgage business has contracted severely during the credit crisis although mortgage arrears were well below the industry average for the first half of the year.

Completion is expected in the first quarter of 2010 when approximately 270 Standard Life employees will transfer to Barclays.

In a separate agreement, the life and pensions provider says it is developing a strategic agreement to explore joint opportunities with Barclays in the UK’s retail long-term savings and investments sector, initially focusing on the development of a pension product.

Commenting on the sale, Standard Life’s outgoing group chief executive, Sir Sandy Crombie, says: “We no longer believe that increasing the lending activity of the bank is consistent with our long-term financial objectives.”

He adds: “The transaction we have agreed with Barclays, along with the strategic agreement we have also announced today, supports our plan for growth as an asset managing business and will result in significant potential for future value creation for both parties.”

« Endsleigh opts for ntl:Telewest upgrade | Aon acquires Carpenter Moore Insurance »

National Motorhome Protection Deductibles

Many have to query about direct road device insurance breakdown in Baltimore or classic motorhome assurance coverage for . The answer is simple: read the document "Standard Life Bank sold to Barclays" about car insurance uk: latest events and learn the topics for teenagers from the online motorbike insurance company.

Standard Life Bank sold to Barclays

Category Car Insurance UK: Latest Events

Car Insurance UK: Latest Events

Standard Life’s Canadian business for sale. Standard Life is believed to have asked advisers to review its Canadian business with a view to a sale, The ...

Competition Commission to reconsider PPI sales. The Competition Commission has been told to rethink plans to introduce a total ban on the sale of sale of ...

Best Term Life Insurance Comparisons. Term Life Insurance ComparisonsAuthor: Robert Tailor term life insurance comparisons It is always good to do term life insurance comparisons if you ...

• Search option on automotive website

  • Find out the most affordable deals and prices here.