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Barclays buys Standard Life Bank for £226m

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by Kay Mitchell

Banking giant Barclays has agreed to buy Standard Life Bank for £226 million.

Standard Life Bank, which is the savings division of Edinburgh-based life insurance company Standard Life, has just 287,000 savings accounts, an £8.8 billion loan book and 78,000 mortgage accounts.

The banking arm is no longer part of the insurer’s long-term plans for the business.

The deal is expected to be finalised in early 2010 and 268 staff will transfer jobs.

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

Meanwhile, Barclays described the acquisition as a “good fit” with its existing UK retail banking business.

Frits Seegers, chief executive of Barclays global retail and commercial banking, said: “This transaction brings to Barclays high-quality savings and mortgage books, and an attractive customer base.”

In other news, over the weekend Barclays confirmed a 3-year title sponsorship deal of the Premier League worth £82.25 million.

The deal will run from the 2010-11 season until the end of the 2012-13 season. The banking giant has sponsored the Premier League since 2004 and their current three-year contract is worth £65.8 million, but expires next year.

Barclays is one of the few banks that has not received any financial help from the Government, opting to go it alone last year by raising £7 billion from investors in Qatar and Abu Dhabi.

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Story link: Barclays buys Standard Life Bank for £226m

News posted: October 26, 2009

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