Barclays Bank PLC (BCS,BARC.L) said it has agreed to acquire Standard Life Bank Plc from Standard Life Plc (SL.L) for a consideration of £226 million, payable in cash upon completion.
Under the terms of the transaction, Barclays will acquire a savings book of approximately £5.5 billion, as at 30 June 2009, and a mortgage book with outstanding balances of approximately £8.8 billion, as at 30 June 2009, with an average indexed loan to value ratio of 48% at that date. On completion, approximately 270 Standard Life employees will transfer to Barclays.
Completion is expected to occur in the first quarter of 2010.
Separately, Barclays UK Retail Banking and Standard Life have also agreed heads of terms 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.
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