Barclays buys Standard Life for €246m

Barclays today agreed to buy the banking business of insurer Standard Life for £226m (€246m).

The banking giant currently has around 15 million retail banking customers in the UK. It will take on another 350,000 through the deal along with Standard Life’s £5.5bn (€5.99bn) savings book.

Frits Seegers, the chief executive of Barclays’ retail and commercial banking business, said: “This transaction brings to Barclays high-quality savings and mortgage books, and an attractive customer base.”