Barclays buys Standard Life

Barclays has announced that it is buying Standard Life Bank, the offshoot of Edinburgh-based life insurance company Standard Life, for £226m.

Barclays is one of the biggest banks in the world, with millions of customers, whereas Standard Life Bank is a relative minnow. It has just 287,000 savings accounts and 78,000 mortgage accounts.

Standard Life Bank has been operating only since 1998, and the insurer said the sale was in its best interests.

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source: BBC