Barclays Bank To Buy Standard Life Unit For $369M

Law360, New York (October 26, 2009, 3:32 PM EDT) -- U.K. finance giant Barclays Bank PLC plans to buy Standard Life PLC's banking subsidiary for ₤226 million ($369 million) in a cash deal the purchaser expects to close in the first quarter of 2010, Barclays said Monday.

The move deepens Barclays’ reach in U.K. savings and mortgages, the company stressed. In picking up Standard Life Bank PLC, the Standard Life subsidiary, Barclays will absorb a savings book of about ₤5.5 billion ($8.2 billion) and a mortgage book with outstanding balances of about ₤8.8 billion ($13 billion)....
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