Lloyds Banking Group has completed the purchase of Tesco Bank's mortgage book in a deal worth £3.8bn.enter exclusive talks for the businessThe deal will see more than 23,000 residential mortgage customers transfer to Lloyds-owned business Halifax - cementing the bank's position as Britain's biggest lender.
Tesco Bank first started offering mortgages in 2012 but has since been weighed down by weak rates amid intense competitionGerry Mallon, Tesco Bank chief executive, said:"Our focus is on how we best serve Tesco customers and align our resources effectively to their needs, while ensuring that our offer remains sustainable in the long term."Our priority throughout has been to complete a commercially acceptable transaction with a purchaser who will continue to serve our customers well.
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Source: The Guardian - 🏆 84. / 53 Read more »