Standard Life Bank to be sold

Standard Life has revealed it is to sell its UK mortgage and savings business, Standard Life Bank, to Barclays in a deal worth at least £226 million. The recent economic downturn has seen limited lending activities through Standard Life Bank. With an increase in the volume of lending no longer considered consistent with its long term financial objectives, the transaction was said to be in the best interests of the group, its shareholders and its customers. "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," said Sir Sandy Crombie, group chief executive of Standard Life.
 
 
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