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Daily Insurance Industry News
Thursday 19th of April 2018
September 30, 2009

Barclays linked to Standard Life Bank sale

by Gill Montia

Story link: Barclays linked to Standard Life Bank sale

Barclays linked to Standard Life Bank sale

Standard Life is rumoured to be in talks to sell its banking unit.

According to reports, the business could be worth between £200 million and £300 million and Barclays is the favorite to secure a deal.

Standard Life Bank is headquartered in Edinburgh where it employs around 300 staff.

The unit carries savings balances of around £5.5 billion, which include combined SIPP and Wrap balances of £1.8 billion.

At the end of June, mortgages under management stood at £8.8 billion, new business having contracted severely during the credit crisis.

However, the arrears rate stood at 0.68% at the end of the second half, well below the industry average at the time of 2.61%.

Early in the year, Anne Gunther, the group’s head of banking, departed and has not been replaced.

The business has since overseen by John Gill, Standard Life’s head of customer management, adding to speculation that a sale is imminent.

 

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