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The acquisition includes a savings book of approximately GBP5.5bn as at 30 June 2009, plus a mortgage book with outstanding balances of approximately GBP8.8bn. Approximately 270 Standard Life employees will transfer to Barclays.
Standard Life Bank reported IFRS underlying profit before tax of GBP26m for the year ended 31 December 2008 and GBP15m for the six months ended 30 June 2009.
The deal, which is subject to regulatory approval, is expected to be completed in the first quarter of 2010.
Separately, Barclays' UK retail banking division and Standard Life are planning a strategic agreement to explore joint opportunities in the UK retail long-term savings and investments sector, with an initial focus on the development of a multi-channel, simplified pension product.
(USD1=GBP0.61)
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