Global Banking Directory 2.0
Press Release Distribution Service
Add Bank | Banking Forum Online
BankDEP Crypto Bank
BanksDaily on Twitter BanksDaily on LinkedIn BanksDaily on Instagram

Press Release :: Barclays

Logo BarclaysBarclays Bank PLC has agreed to acquire Standard Life Bank Plc from Standard Life Plc for a consideration of £226m, payable in cash upon completion.

Under the terms of the transaction, Barclays will acquire a savings book of approximately £5.5bn, as at 30 June 2009, and a mortgage book with outstanding balances of approximately £8.8bn, 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.

Standard Life Bank reported IFRS underlying profit before tax of £26m for the year ended 31 December 2008 and £15m for the half-year ended 30 June 2009. Standard Life has confirmed to Barclays that Standard Life Bank has traded well since 30 June 2009.

The price is based on an estimated tangible net book value of £293m and is subject to adjustment based on changes to Standard Life Bank’s tangible net book value at completion. Completion is subject, amongst other things, to regulatory approval and 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.

Frits Seegers, Chief Executive of Barclays Global Retail and Commercial Banking, 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."

Source: Barclays
Date: 03.11.2009
Get your content published on in just a few clicks.
Financial and Banking News
 Post-Pandemic Economic Recovery: Key Factors Driving Growth and Stability

The COVID-19 pandemic caused a global economic halt, resulting in disruption, job losses, and uncertainty. However, as vaccination efforts progress and countries adjust to the new normal, there is hope for an economic recovery.

 Wiki Finance Expo Sydney 2023 Is Coming Soon!

Regulation, Forex, Crypto, Web 3.0, Metaverse, AI, ESG Will Be in Focus. Taking place on November 16th, Wiki Finance Expo, Sydney 2023 is Aussie largest and most anticipated fintech event of the year. 30.10.2023 | Source: WikiExpo

 Blockchain Economy Dubai Summit 2023: Just Two Weeks Away and Buzzing with Anticipation

Dubai, UAE - The Blockchain Economy Dubai Summit is generating palpable excitement within the blockchain and crypto communities, with only two weeks remaining until the event. Scheduled for October 4-5, 2023, at the Le Meridien Dubai Hotel & Conference Center, this prestigious event gathers over 3,000 blockchain entrepreneurs, crypto enthusiasts, and industry leaders from 85 countries. 20.09.2023 | Source: Teklip

 📰 News Archive

2007-2024 © | All Banks in One Place | Privacy Policy