Sunday, 22 September 2019

Tesco sells mortgage business to Lloyds

TESCO Bank has followed up on its decision earlier this year to quit what it described as a “challenging” mortgage market by selling its existing ledger book to Lloyds Bank.

In a £3.8billion deal announced on Tuesday morning, Tesco agreed to offload its existing mortgage business.

Around 23,000 customers will now be switched to a new mortgage provider.

Customers will be transferred from Tesco Bank to Halifax — a division of Bank of Scotland, which is in turn owned by Lloyds.

The move follows the retail giant’s decision in May to cease all new lending.

Tesco Bank chief executive Gerry Mallon said at the time: “Challenging market conditions have limited profitable growth.”

Competition in the sector has tightened following so-called ringfencing legislation which came into force last year that forced large banks to separate their domestic businesses from their international and investment banking arms.

Property

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