Barclays bank to buy Standard Life assets

British bank Barclays announced on Monday that it will buy the home loans and savings division of insurer Standard Life for 226 million pounds (246 million euros, 369 million dollars).

"Barclays Bank plc has agreed to acquire Standard Life Bank plc from Standard Life for a consideration of 226 million pounds, payable in cash upon completion," the bank said in a statement.

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

It added that around 270 Standard Life employees would transfer to Barclays upon completion of the deal.

The Standard Life Bank division had posted underlying pre-tax profits of 26 million pounds in the year to the end of December 2008. It also saw pre-tax profits of 15 million pounds in the six months to the end of June 2009.

"Standard Life has confirmed to Barclays that Standard Life Bank has traded well since 30 June 2009," it added in the statement.

Barclays bank successfully steered a path through the global financial crisis, and avoided state control, with the help of massive investment from oil-rich investors Abu Dhabi and Qatar.

The group added Monday that it would explore further strategic opportunities with Standard Life in the savings and investments sector.

"The acquisition of Standard Life Bank is a good fit with Barclays existing UK retail banking business," said Frits Seegers, chief executive of Barclays Global Retail and Commercial Banking, in the statement.