Barclays Bank has agreed to acquire Standard Life Bank from Standard Life, an Edinburgh-based asset managing company, for a consideration of GBP226m, payable in cash upon completion.
Separately, Barclays UK retail banking and Standard Life have also agreed to enter into a strategic agreement to explore joint opportunities in the UK retail long-term savings and investments sector. The initial focus is expected to be on the development of a multi-channel, simplified pension product.
Frits Seegers, chief executive of global retail and commercial banking at Barclays, 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. We also look forward to working together with Standard Life in the long-term savings and investments sector. We believe that we will be able to drive significant value for customers and shareholders – both through this acquisition and through the strategic initiative.”
However, the completion of the transaction is subject to regulatory approval and is expected to occur in the first quarter of 2010.
