Acquisition of Standard Life

RNS Number : 9473E

Barclays PLC

04 January 2010

 



4 January 2010

Barclays PLC

Barclays completes acquisition of Standard Life Bank

Barclays Bank PLC ("Barclays") has completed the acquisition of Standard Life Bank Plc ("Standard Life Bank"), which was initially announced on 26 October 2009, following receipt of regulatory and other applicable approvals.  

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For further information, please contact:

Barclays

Investor Relations                 Media Relations    

Stephen Jones                    Elizabeth Holloway

[phone]                [phone]

James Johnson                    Phillippa-Jane Vermoter

[phone]                [phone]

Notes to editors:

As at 30 June 2009, Barclays UK Retail Banking had approximately 13.0m savings accounts and total customer deposit balances of £88.5bn. 

As at 30 June 2009, Standard Life Bank had approximately 287,000 savings accounts and total customer deposit balances of £5.5bn.

As at 30 June 2009, Barclays UK Retail Banking had approximately 824,000 mortgage accounts and a total mortgage book of £84.4bn. The average loan to value ratio of the mortgage book on a current valuation basis was 44%, and the average loan to value ratio of new mortgage lending was 46%. For the six months to 30 June 2009, net new mortgage lending was £2.2bn in a market of £1.1bn. Three-month arrears were 1.16%.

As at 30 June 2009, Standard Life Bank had approximately 78,000 mortgage accounts and a total mortgage book of £8.8bn. The average indexed loan to value of the mortgage book was 48%. Three-month arrears were 0.68%.

About Barclays

Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the USA, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 145,000 people. Barclays moves, lends, invests and protects money for over 49 million customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com.

Forward-looking statements

This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to certain of the Group's plans and its current goals and expectations relating to its future financial condition and performance. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as "may", "will", "seek", "continue", "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe" or other words of similar meaning. Examples of forward-looking statements include, among others, statements regarding the Group's future financial position, income growth, assets, impairment charges, business strategy, capital ratios, leverage, payment of dividends, projected levels of growth in the banking and financial markets, projected costs, estimates of capital expenditures, and plans and objectives for future operations and other statements that are not historical fact. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to, UK domestic and global economic and business conditions, the effects of continued volatility in credit markets, market related risks such as changes in interest rates and exchange rates, effects of changes in valuation of credit market exposures, changes in valuation of issued notes, the policies and actions of governmental and regulatory authorities, changes in legislation, the further development of standards and interpretations under International Financial Reporting Standards (IFRS) applicable to past, current and future periods, evolving practices with regard to the interpretation and application of standards under IFRS, the integration of the Lehman Brothers North American businesses into the Group's business and the quantification of the benefits resulting from such acquisition, the proposed disposal of Barclays Global Investors and the impact on the Group, the outcome of pending and future litigation, the success of future acquisitions and other strategic transactions and the impact of competition - a number of which factors are beyond the Group's control. As a result, the Group's actual future results may differ materially from the plans, goals, and expectations set forth in the Group's forward-looking statements.

Any forward-looking statements made herein speak only as of the date they are made. Except as required by the UK Financial Services Authority, the London Stock Exchange or applicable law, Barclays expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in Barclays expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any additional disclosures that Barclays has made or may make in documents it has filed or may file with the SEC.

 

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