LONDON - Barclays Plc bought the bank arm of British insurer Standard Life Plc for 226 million pounds ($369 million) on Monday, in a move to build up its UK mortgage and savings business.
Barclays said under the deal to buy Standard Life Bank it will get a mortgage book with 8.8 billion pounds of outstanding balances and a savings book of about 5.5 billion pounds.
About 270 Standard Life employees will transfer to Barclays when the deal completes.
Barclays was in talks to buy Standard Life Bank in a deal likely to be worth between 200 million and 300 million pounds, a person familiar with the matter said in September. (Reporting by Steve Slater; Editing by David Holmes) ($1=.6119 Pound)