It seems that another banking name is set to disappear shortly, although this time, I suspect that fewer people will notice. In a statement to the Stock Market today Barclays announced they plan to buy Standard Life Bank for £226 million, cash. The bank, currently owned by the Insurance Company of the same name, is expected to change hands early next year, along with the 270 staff. Once the deal is completed, Barclays will acquire savings accounts worth around £5.5billion, and mortgages valued at approximately £8.8billion, in all approximately 365,000 accounts. Frits Seegers, chief executive of Barclays Global Retail and Commercial Banking, says: “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. Sir Sandy Crombie, group chief executive of Standard Life, says: “Since its launch in 1998 Standard Life Bank has grown steadily, but we no longer believe that increasing the lending activity of the bank is consistent with our long-term financial objectives. “Barclays is an attractive partner for Standard Life, and also provides continuing security for the existing depositors and bondholders of Standard Life Bank.
Barclays to buy Standard Life Bank